If tyler deposits $2000 of the $3200 he has earned in a account that pays 8% interest compounded quarterly. What is the formula you would right for each four quarters, and what would you get each quarter. Example Principal+Compound Interest

Question

Duncan Davies

Mathematics

14 March, 16:59

If tyler deposits $2000 of the $3200 he has earned in a account that pays 8% interest compounded quarterly. What is the formula you would right for each four quarters, and what would you get each quarter. Example Principal+Compound Interest

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Deangelo · Answer 1

For the first quarter you would use the equation of $2000 + (2000 times 0.08) = the money for the first quarter or $2160. the second quarters equation is $2000 + (2000 times 0.08) 2 = the money for the second quarter or $2320. the thirds quarters equation is $2000 + (2000 times 0.08) 3 = the money for the third quarter or $2480. The fourth quarters equation is $2000 + (2000 times 0.08) 4=the money for the fourth quarter or $2640.