Question

At the end of a 5 year term what is the balance of an 8000 investment at a rate of 1.8 percent compound quarterly? round to nearest dollar

8752
8830
8924
8851

everytime i try to do this i dont even get one of the answers help me please..

compound quarterly means 4 times a year

Answer 1

Use the formula

A = P(1+r/n)^(n*t)

Answer 2

In this case

P = 8000
r = 0.018
n = 4
t = 5

Answer 3

tell me what you get

Answer 4

i tried thats the formula i have been using i keep getting outrageous numbers

Answer 5

sry the site crashed on me

Answer 6

this is what you should get


A = P(1+r/n)^(n*t)


A = 8000(1+0.018/4)^(4*5)


A = 8000(1+0.0045)^(20)


A = 8000(1.0045)^(20)


A = 8000(1.09395339818682)


A = 8751.62718549459


A = 8752

Answer 7

yea it just let me back on. well i kept getting like really long numbers.. i wonder what i did wrong. thank you

Answer 8

hmm look through my steps and try to replicate them

where you differ, tell me and we'll try to see what goes haywire