Question

Algebra 2 please help

Answer 1

How much will $850 amount to be in three years if it is invested at 8% interest compounded quarterly for 3 years?

Answer 2

\[FV = PV \left( 1+\frac{ r }{ n } \right)^{n\cdot t}\]

where FV = future value
PV = present value
r = rate
n = number of compunds per yer
t = number of years

Answer 3

what would be the rate? @pgpilot326

Answer 4

8% but use the decimal representation in the formula

Answer 5

wow i got 206550 i dont think its right

Answer 6

\[FV = 850\left( 1+\frac{ .08 }{ 4 } \right)^{4\cdot3}=1078.0055...\]

Answer 7

i see what i did wrong i put 8 instead of 0.8 thank you

Answer 8

not 0.8, it's 0.08 = 8/100

Answer 9

yeah, makes a bit of a difference... 800% vs. 8%