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OpenStudy (cicilybailey14):
Fan and medal! Find the Compound Amount. Round to the nearest cent. Amount = $980 Rate = 8% Compounded = Quarterly Time (Years) = 5
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OpenStudy (cicilybailey14):
@texaschic101 @pooja195 @ganeshie8
ganeshie8 (ganeshie8):
you're given that the interest rate per year = 8% from this, can you find the interest rate per quarter ?
OpenStudy (cicilybailey14):
2%?
OpenStudy (cicilybailey14):
@ganeshie8
ganeshie8 (ganeshie8):
Yes
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ganeshie8 (ganeshie8):
the principal is 980 in one quarter it grows to : 980(1 + 0.02)
ganeshie8 (ganeshie8):
in 5*4 = 20 quarters, it grows to 980(1 + 0.02)^20 use your calculator
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