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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