Homework Help: math

Posted by Jake on Thursday, April 26, 2012 at 2:50pm.

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?

math - Reiny, Thursday, April 26, 2012 at 3:18pm
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

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