Wanda3TJones
contestada

Jeffery and carrie deposit 800.00 into an savings account which earns 4%interest compounded quarterly they want to use the money in the account to go on a trip in 2 years how much will they be able to spend ​

Respuesta :

mhanifa

Answer:

  • 866.29

Step-by-step explanation:

  • Deposit = 800
  • Interest rate = 4% compounded quarterly
  • Time = 2 years

Number of compounds:

  • 2 / 1/4 = 8

Saving amount at the end of 2 years:

  • 800*(1 + 0.04/4)^8 = 866.29

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