20%29%5E%7B%5Cfrac%7B-1%7D%7B2%7D%20%7D%20%7D%7B1-x%5E%7B2%7D%20%7D" id="TexFormula1" title="\frac{(1-x^{2})^{\frac{1}{2}} -x^{2} (1-x^{2} )^{\frac{-1}{2} } }{1-x^{2} }" alt="\frac{(1-x^{2})^{\frac{1}{2}} -x^{2} (1-x^{2} )^{\frac{-1}{2} } }{1-x^{2} }" align="absmiddle" class="latex-formula">
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We have been given that in an account an amount of 7,650 is invested at 9.15 percent compounded quarterly for 8 years and 6 months.
We will use compound interest formula to find our answer.
,
Where, P= principle amount, A= amount after T years, n= period of compounding and r = interest rate (decimal).
Let us substitute our given values in our formula.
Therefore, after 8 years and 6 months our amount will be 16505.497.