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a $2400 deposit for 8 years compounded at annual interest rate of 4.5% what is the interest and the total value

Sagot :

gailthur298

Answer:

$3,619.09

Step-by-step explanation:

liam deposits $2400 into an account that earns 8.3% interest compounded quarterly.

Compound interest formula is

where A is the final amount

P is the initial amount deposited

r is the rate of interest

n is the compounding period

t is the time in years

P= 2400, r= 8.3%= 0.083, t=5, n=4 (quarterly)

Plug in all the values

A= 3619.09

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