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:

$$\begin{gathered} a=25000 \\ q=3\mathrm{\%}={\displaystyle \frac{3}{100}}=0.03 \\ y=8 \\ w=4 \\ {q}_1=1+q\mathrm{/}w=1+0.03\mathrm{/}4={\displaystyle \frac{403}{400}}=1\frac{3}{400}=1.0075 \\ n=y\cdot w=8\cdot 4=32 \\ x=a\cdot q_1^n=25000\cdot 1.0075^{32}=31752.7806=3.175\cdot 10^4 \end{gathered}$$

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