Question

Na

Answer 1

Answer:

6,874.70

Step-by-step explanation:

You are going to want to use the compound interest formula, which is shown below.

$P(1+\frac{r}{n} )^{nt}$

P = initial balance

r = interest rate

n = number of times compounded annually

t = time

Now lets plug in the values into the equation.

$5,000(1+\frac{0.04}{4})^{8(4)}$ = 6,874.70

Your answer is 6,874.70.