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4 years ago

Na

Mathematics

1 answer:

Bumek [7]4 years ago

8 0

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.

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