Question

ANSWER PLEASE Tyler deposits $2000 and has a 8% interest compound quarterly. How much does he have Quarter 1,2,3,4 Show Work

Answer 1

Answer:

If the time passed is only 3 months, then it is $2040

Step-by-step explanation:

We can use the quarterly compounded interest equation for this problem: P(1 + r/n)^nt

Step 1: Find out how much 3 months is in a year

In this case, 3/12 which is 1/4

Step 2: Plug in known variables into equation

2000[1 + (0.08)/4)]^[(4)(1/4)]

Step 3: Solve/Plug in calc

You will get $2040

If the time passed in the problem is 1 year, then we can be able to solve how much money he earned per quarter. However, since only 3 months have elapsed, then he has only earned $2040.