Quinn opened a savings account and deposited 800.00 as principal. The account earns 12% interest, compounded quarterly. What is the balance after 8 years?

Solution

Solution

Amount : 2060.07

Solution steps

Translate the problem into an equation:

A = 800 (1 + \frac{0.12}{4})^{4 \cdot 8}

800 (1 + \frac{0.12}{4})^{4 \cdot 8} = 2060.06620 \dots

Round to the nearest hundredth:

2060.07

Amount : 2060.07

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