Answered

Westonci.ca makes finding answers easy, with a community of experts ready to provide you with the information you seek. Join our Q&A platform to connect with experts dedicated to providing precise answers to your questions in different areas. Experience the ease of finding precise answers to your questions from a knowledgeable community of experts.

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 choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. 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.