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> Y.8 Compound interest: word problems QSF
Joey is saving up money to buy a car. Joey puts $8,000.00 into an account which earns 14%
interest, compounded quarterly. How much will he have in the account after 2 years?
Use the formula A = P
= P(1 + 1)^₁ \ where A is the balance (final amount), P is the principal
(starting amount), r is the interest rate expressed as a decimal, n is the number of times per
year that the interest is compounded, and t is the time in years.
Round your answer to the nearest cent.

Sagot :

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