Gene invested $500 at 8% interest compounded quarterly. how much is in the account after 1 year?

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10-11-2016
Mathematics

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Gene invested $500 at 8% interest compounded quarterly. how much is in the account after 1 year?

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ezrabean ezrabean · Answer 1 · 2016-11-11T02:52:30+01:00

ezrabean ezrabean

11-11-2016

$5412.22

Use the formula A=P(1+r/n) to the n times t power

P= initial investment 500
r= Rate 8% change to decimal .08
n= number of times compounded which is quarterly so 4
t= time which is just 1 for one year

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