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Mark Welsch deposits $8,000 in an account that earns interest at an annual rate of 8%, compounded quarterly. The $8,000 plus earned interest must remain in the account 4 years before it can be withdrawn. How much money will be in the account at the end of 4 years?

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Answer:

At the end the account will need have at the end of the 4 years $17.664,31

 

Explanation:

Consider the following formula of real interest compound

8.000 deposits

sum after n years = 8.000 * (1+.08/4)^(n*4)

= 8.000*(1.02)^40 = $17.664,31

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