Question

Find the total amount $17,600 at 16% compounded quarterly for 2 years

Answer 1

Answer:

57,700.10

Step-by-step explanation:

To solve, we use the equation $17,600(1.16)^8$

we set it to the power of 8, since it is compounding quarterly this means it compounds 4 times a year, and since there is 2 years, we get 8 compounds.

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