Gene invested $500 at 8% interest compounded quarterly. how much is in the account after 1 year?
1 answer:
$5412.22
Use the formula A=P(1+r/n) to the n times t power
P= initial investment 500
r= Rate 8% change to decimal .08
n= number of times compounded which is quarterly so 4
t= time which is just 1 for one year
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