Compound interest 3

After 8 years, what is the total amount of a compound interest investment of $25,000 at 3% interest, compounded quarterly? (interest is now dream - in the year 2019)

Correct answer:

x =  31752.7806

Step-by-step explanation:

a=25000 q=3%=3100=0.03 y=8 w=4 q1=1+q/w=1+0.03/4=403400=13400=1.0075  n=y w=8 4=32 x=a q1n=25000 1.007532=31752.7806=3.175104



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