Find the final value of 2000 invested at an interest rate of 3% compounded quarterly for 8 years
2 answers:
Answer:
2540.22
Step-by-step explanation:
The equation
Final value=amount invested (1+(interest rate÷ quarter)) ^(quarter ×time)
Apply the given in the question to the equation
Final value=2,000×(1+(0.03÷4))^(4×8)
Final value=2540.22 the answer
Answer:
2540.22
Step-by-step explanation:
amount = principal amount * (1+ r/n) ^ nt
r= interest rate as decimal
n=number of times interest is compounded
nt=time
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