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OpenStudy (anonymous):
You deposit $8000 in a savings account at a bank that has a rate of 3% compounded quarterly. Find the amount of money in the account after 6 years? My answer is 9571.31 is this right?
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jimthompson5910 (jim_thompson5910):
You got it. Nice job. You use the formula A = P(1+r/n)^(nt) or some variation of that formula with P = 8000, r = 0.03, n = 4 and t = 6
OpenStudy (anonymous):
thanks!
jimthompson5910 (jim_thompson5910):
yw
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