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Saxon wants to take a trip to Ireland. She plans to deposit $510 at the beginning of each quarter into an investment with a 2.95% interest rate, compounded quarterly. How much will she have in the account after 8 years?
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What formula should I use here.
To get the amount, formula is: \(\Large \color{Black}{\Rightarrow Principal(1 + {rate \over 100})^n }\) n is the time (mostly in years).
Can you do it or should I guide you further?
Hold on I am solving. I wanna see if I can solv it on my own first
Ok :)
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Also, notice that it is quarterly compounding, and 8 years = 32 quarters.
572.90 that is what I got
\(\Large \color{Black}{\Rightarrow 510(1 + {2.95 \over 100})^{32} }\) Did you use this formula?
1293.04
Yes!
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