Solve the problem.
-Find the amount in a savings account at the end of 8 years if the amount originally deposited is $1,000 andthe interest rate is 7% compounded quarterly. A = final amountP = $1,000 (the initial deposit)r = 7% = 0.07 (the annual rate of interest)n = 4 (the number of times interest is compounded each year)t = 8 (the duration of the deposit in years)
A)$1,742.21
B)$1,916.43
C)$32,560.00
D)$1,148.88

Question

Solve the problem.
-Find the amount in a savings account at the end of 8 years if the amount originally deposited is $1,000 andthe interest rate is 7% compounded quarterly.  A = final amountP = $1,000 (the initial deposit)r = 7% = 0.07 (the annual rate of interest)n = 4 (the number of times interest is compounded each year)t = 8 (the duration of the deposit in years)
A)$1,742.21 
B)$1,916.43 
C)$32,560.00 
D)$1,148.88

Quizplus · Accepted Answer

The Answer of Solve the problem.
-Find the amount in a savings account at the end of 8 years if the amount originally deposited is $1,000 andthe interest rate is 7% compounded quarterly.  A = final amountP = $1,000 (the initial deposit)r = 7% = 0.07 (the annual rate of interest)n = 4 (the number of times interest is compounded each year)t = 8 (the duration of the deposit in years)
A)$1,742.21 
B)$1,916.43 
C)$32,560.00 
D)$1,148.88

Solve the Problem. -Find the Amount in a Savings Account at the End