Answered

Discover a wealth of knowledge at Westonci.ca, where experts provide answers to your most pressing questions. Explore our Q&A platform to find in-depth answers from a wide range of experts in different fields. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

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

Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.