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You deposit 190 in an investment account that earns 7.6% annual interest compounded quarterly.What is the balance of the account after 8 years?

Solution

You deposit 190 in an investment account that earns 7.6% annual interest compounded quarterly.What is the balance of the account after 8 years?

Solution

Amount : 347

Solution steps

Translate the problem into an equation:

A = 190 (1 + \frac{0.076}{4})^{4 \cdot 8}

190 (1 + \frac{0.076}{4})^{4 \cdot 8} = 346.99841 \dots

Round to the nearest hundredth:

347

Amount : 347

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