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Mathematics

OpenStudy (anonymous):

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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OpenStudy (anonymous):

What formula should I use here.

Parth (parthkohli):

To get the amount, formula is: \(\Large \color{Black}{\Rightarrow Principal(1 + {rate \over 100})^n }\) n is the time (mostly in years).

Parth (parthkohli):

Can you do it or should I guide you further?

OpenStudy (anonymous):

Hold on I am solving. I wanna see if I can solv it on my own first

Parth (parthkohli):

Ok :)

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Parth (parthkohli):

Also, notice that it is quarterly compounding, and 8 years = 32 quarters.

OpenStudy (anonymous):

572.90 that is what I got

Parth (parthkohli):

\(\Large \color{Black}{\Rightarrow 510(1 + {2.95 \over 100})^{32} }\) Did you use this formula?

OpenStudy (anonymous):

1293.04

Parth (parthkohli):

Yes!

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