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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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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Khải Quang 3 years 2021-08-26T08:43:53+00:00 1 Answers 0 views 0

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  1. mit
    0
    2021-08-26T08:45:18+00:00
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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.

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