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29 August, 13:26

Find the final value of 2000 invested at an interest rate of 3% compounded quarterly for 8 years

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Answers (2)
  1. 29 August, 14:13
    0
    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
  2. 29 August, 15:09
    0
    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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