Use the formula A $$A = P \left( 1 + \frac { r } { n } \right) ^ { n }$$ to find the amount requested.
-A principal of $480 is invisted in an account paying on annual interest rate of 8%. Find the amount in the account after 7 years if hte account is compounded quarterly.
A) $835.69
B) $355.69
C) $819.31
D) $822.6400

Question

Quizplus · Accepted Answer

Using the formula $A = P \left(1 + \frac{r}{n}\right)^{nt}$, where $P = 480$, $r = 0.08$ (8% as a decimal), $n = 4$ (compounded quarterly), and $t = 7$ years, we calculate the amount in the account after 7 years. Plugging in the values: $A = 480 \left(1 + \frac{0.08}{4}\right)^{4*7}$, which calculates to approximately $835.69.

Use the Formula A A=P(1+rn)nA = P \left( 1 + \frac { r } { n } \right) ^ { n }A=P(1+nr​)n

Use the Formula A $A = P \left( 1 + \frac { r } { n } \right) ^ { n }$