You invest $500 into a savings account that compounds interest quarterly at a rate of 2%. What will be your account balance afte
1 answer:
Answer:
$740
Step-by-step explanation:
you invested $500 and you have a quarterly compound interest of 2%
2% of $500 is $10 .
so that means $10 is added every 4months .in a year you will have an interest of 3x$10= $30( we have three quarters in a year )
in eight years you interest will be 8×$30= $240
so your total balance is $500 + $240
=$740
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