You open a savings account on January 1, 2008 with $1,000. The interest rate stated on this account is 4%, compounded quarterly.
What will your savings account be worth on December 31, 2012 assuming you made no deposits to or withdrawals from the account? Question 8 options:
$1,220.19
$1,216.67
$1,240.41
$1,200.90
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