How much will $850 amount to be in three years if it is invested at 8% interest compounded quarterly for 3 years? A. $886.47 B.

$952.43 C. $1078.01 D. $1168.15

Mathematics

1 answer:

Dimas [21]3 years ago

7 0

$\bf \qquad \textit{Compound Interest Earned Amount}
\\\\
A=P\left(1+\frac{r}{n}\right)^{nt}
\quad 
\begin{cases}
A=\textit{compounded amount}\\
P=\textit{original amount deposited}\to &\$850\\
r=rate\to 8\%\to \frac{8}{100}\to &0.08\\
n=
\begin{array}{llll}
\textit{times it compounds per year}\\
\textit{quarterly, so four times}
\end{array}\to &4\\

t=years\to &3
\end{cases}$

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