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OpenStudy (yuii):
After 8 years, what is the total amount of a compound interest investment of $25,000 at 3% interest, compounded quarterly? A. $25,377.11 B. $25,759.92 C. $26,148.50 D. $31,752.78
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OpenStudy (yuii):
I think it's D.
OpenStudy (sooobored):
ok, now i have matlab up so i can check
OpenStudy (sooobored):
3% interest, compounded quarterly means that every 3 months, the account will increase by 3/4%
OpenStudy (sooobored):
8 years means a total of 32 compounding cycles
OpenStudy (sooobored):
yes D is correct assuming i didnt make a mistake somewhere
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