Question

If tyler deposits $2000 of the $3200 he has earned in a account that pays 8% interest compounded quarterly. What is the formula you would right for each four quarters, and what would you get each quarter. Example Principal+Compound Interest

Answer 1

For the first quarter you would use the equation of $2000+(2000 times 0.08)=the money for the first quarter or $2160. the second quarters equation is $2000+(2000 times 0.08)2= the money for the second quarter or $2320. the thirds quarters equation is $2000+(2000 times 0.08)3= the money for the third quarter or $2480. The fourth quarters equation is $2000+(2000 times 0.08)4=the money for the fourth quarter or $2640.