Find the final amount of money in an account if $7,100 is deposited at 8% interest compounded quarterly (every 3 months) and the money is left for 5 years. What's the final amount? Round answer to two decimal places
Added by Nancy M.
Step 1
In this case, the annual interest rate is 8% and the interest is compounded quarterly, so the number of compounding periods per year is 4. Interest rate per period = Annual interest rate / Number of compounding periods per year Interest rate per period = 8% / Show more…
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