Jeffery and carrie deposit 800.00 into an savings account which earns 4%interest compounded quarterly they want to use the money
in the account to go on a trip in 2 years how much will they be able to spend
1 answer:
Answer:
Step-by-step explanation:
- Deposit = 800
- Interest rate = 4% compounded quarterly
- Time = 2 years
<u>Number of compounds:</u>
<u>Saving amount at the end of 2 years:</u>
- 800*(1 + 0.04/4)^8 = 866.29
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