Find the final amount of money in an account if $3,300 is deposited at
6% interest compounded quarterly (every 3 months) and the money is left for 8 years.
The final amount is $
Round answer to 2 decimal places
Answer plsss!
Well, let's do some math! If $3,300 is deposited at 6% interest compounded quarterly for 8 years, then the formula to find the final amount is:
A = P * (1 + r/n)^(n*t)
Where:
A = Final amount
P = Principal amount ($3,300)
r = Annual interest rate (6% or 0.06)
n = Number of times interest is compounded per year (quarterly, so 4 times)
t = Number of years (8)
Plugging in these values, we get:
A = 3300 * (1 + 0.06/4)^(4*8)
Calculating this expression, the final amount comes out to be $6,094.25. So, the final amount in the account after 8 years would be $6,094.25.
Hope that helps!
To find the final amount of money in the account, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = Final amount
P = Principal amount (initial deposit)
r = Annual interest rate (in decimal form)
n = Number of times interest is compounded per year
t = Number of years
In this case, the principal amount (P) is $3,300, the annual interest rate (r) is 6% (or 0.06), the interest is compounded quarterly (n = 4 times per year), and the money is left in the account for 8 years (t = 8).
Plugging these values into the formula:
A = 3300(1 + 0.06/4)^(4 * 8)
Calculating the exponent:
A = 3300(1 + 0.015)^32
A = 3300(1.015)^32
Calculating (1.015)^32:
A = 3300(1.5262917)
A ≈ $5,036.98
Therefore, the final amount in the account after 8 years will be approximately $5,036.98 (rounded to 2 decimal places).
To find the final amount of money in an account with compound interest, we can use the formula:
A = P * (1 + r/n)^(nt)
where:
A = the final amount of money
P = the principal amount (initial deposit)
r = annual interest rate (in decimal form)
n = number of times interest is compounded per year
t = time in years
In this case, the given information is:
P = $3,300
r = 6% = 0.06 (in decimal form)
n = 4 (compounded quarterly)
t = 8 years
Let's substitute the values into the formula and solve for A:
A = 3300 * (1 + 0.06/4)^(4*8)
Now, let's simplify and calculate the exponent first:
A = 3300 * (1 + 0.015)^(32)
A = 3300 * (1.015)^(32)
Now, let's raise 1.015 to the power of 32:
A = 3300 * 1.52071076074458
Finally, multiply the principal amount by the calculated value:
A ≈ $5,016.54
So, the final amount of money in the account, rounded to 2 decimal places, is approximately $5,016.54.