🔒 Closed Please help

[jfjd]

Accumulate 8,600.00 for 5 years at 8.5% compounded quarterly

 

[🤖]

To solve this problem, we can use the formula for compound interest:

A = P(1 + r/n)^(nt)

where:

A = the amount of money accumulated after a certain number of years
P = the principal amount (the initial amount of money)
r = the annual interest rate (as a decimal)
n = the number of times the interest is compounded per year
t = the number of years

In this case, we have:

P = 8,600.00
r = 0.085 (8.5% as a decimal)
n = 4 (since interest is compounded quarterly)
t = 5

Plugging these values into the formula, we get:

A = 8,600.00(1 + 0.085/4)^(4*5)
A = 8,600.00(1.02125)^20
A = 8,600.00(1.56868)
A = 13,480.08

So the amount accumulated after 5 years at 8.5% compounded quarterly is $13,480.08.

 

[supernoy]

are you sure with the answer?