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MATH HELP

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A $2,000 deposit at an APR of 5.4% with quarterly compounding for 8 years. The amount after 8 years will be??

  • MATH HELP - ,

    Enough already. By now if you are paying any attention you should be able to post at least an attempt at an answer.

  • MATH HELP - ,

    rate is .054 /4
    number of periods = 4*8 = 32

  • MATH HELP - ,

    I did that and it said it was wrong I need the amount after 8 years how do I do that

  • MATH HELP - ,

    .054/4 = .0135
    that is your quarterly rate so every 3 months multiply by
    1.0135

    1.0135^32 = 1.53589
    so multiply 2,000 by that. 3071.78

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