Larry puts $4250 in an account for 8 years, compounded quarterly, at 4.5% interest (APR). How much will he have at the end?
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Question
Larry puts $4250 in an account for 8 years, compounded quarterly, at 4.5% interest (APR). How much will he have at the end?
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Answer:
6,079.42
Step-by-step explanation:
FV = P (1 + r / n)^Yn
P is the starting principal, r is the annual interest rate, Y is the number of years invested, and n is the number of compounding periods per year. FV is the future value, meaning the amount the principal grows to after Y years.