Question

If 1000 is invested at an annual interest rate of 8% compounded quarterly, how much is available after 12 years to the nearest cent?

Answer 1

\[M=1000*(1+0.08)^{12.4-1}\]
I'm not sure about this -1 but I'm thinking of it because of "the nearest cent" in the problem, cause we can get to 12 years bot not to the date of compound.
M=37232.01