Susan borrowed $8000 at a rate of 8%, compounded quarterly. Assuming she makes no payments, how much will she owe after 8 years? Do not round any intermediate computations, and round your answer to the nearest cent.
Added by Meghan G.
Step 1
To do this, divide the annual interest rate by the number of compounding periods per year. In this case, the interest is compounded quarterly, so there are 4 compounding periods per year. Quarterly interest rate = Annual interest rate / Number of compounding Show more…
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