00:01
For this problem, you are asked to find the amount of interest earned if interest is compounded quarterly, and quarterly means that your n is going to be four times a year.
00:20
If $11 ,000 was initially invested at 10%, 10 % as a decimal would be 0 .10, and your time is 8 years.
00:33
All right, so the first thing we're going to do is find a.
00:39
Then we need to make sure we answer the question which says to find the interest.
00:45
And the interest will be the a or the amount after interest is compounded minus the principle.
00:54
All right.
00:54
So we will have a is equal to, we'll substitute in the values, $11 ,000 for the p, 1 plus 0 .1 over the n value of 4 raised to the 4 times 8.
01:13
The n is 4 and the t is 8.
01:17
All right, so we'll substitute that into the calculator.
01:21
Simplify as much as you need to 11 ,000 times using desmos or a calculator with parentheses, a graphing calculator...