posted by MaryJo on .
I need to determine the amount of an investment if $1000 is invested at an interest rate of 8% compounded quarterly for 2 years. - Not quite sure how to go about this and would appreciate help. Thank you in advance.
8% compounded quarterly ---> quarterly rate of 2% or .02
number of quarters in 2 years = 8
amount = 1000(1.02)^8 = $ 1171.66
Smacking my forehead!!! ~ Thank you, Reiny, so much for your help!! ~ Two more days and finals will be behind me and i can move on! :)