Posted by Jake on .
if you invest 500 dollars in a savings account that pays 8% interest per year, compounded quarterly, how much will you have in the account at the end of 11.6 years?
the time of 11.6 years is unusual in a question when the interest period is in "quarter years"
11.6 years would be 11.6(4) or 46.4 quarters
amount = 500(1.02)^46.4 = 1253.19