Question

Fan and medal!

Find the Compound Amount.
Round to the nearest cent.

Amount = $980
Rate = 8%
Compounded = Quarterly
Time (Years) = 5

Answer 1

@texaschic101 @pooja195 @ganeshie8

Answer 2

you're given that the interest rate per year = 8%

from this, can you find the interest rate per quarter ?

Answer 3

2%?

Answer 4

@ganeshie8

Answer 5

Yes

Answer 6

the principal is 980
in one quarter it grows to : 980(1 + 0.02)

Answer 7

in 5*4 = 20 quarters, it grows to 980(1 + 0.02)^20

use your calculator