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Kitty [74]
2 years ago
11

If $500 is invested at 8% annual interest, how much will be in the account after 3 years if it's compounded quarterly?

Mathematics
1 answer:
Alchen [17]2 years ago
8 0

Answer:

FV= $634.12

Step-by-step explanation:

Giving the following formula:

Initial investment (PV)= $500

Number of periods (n)= 3*4= 12 quarters

Interest rate (i)= 0.08/4= 0.02

<u>To calculate the future value, we need to use the following formula:</u>

<u></u>

FV= PV* (1 + i)^n

FV= 500*(1.02^12)

FV= $634.12

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Learn more about reducing trigonometric powers at

brainly.com/question/15202536

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