After 8 years, What is the total amount of a compound interest investment of $25000 at 3% interest, compounded quarterly?

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18-01-2018
Mathematics

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After 8 years, What is the total amount of a compound interest investment of $25000 at 3% interest, compounded quarterly?

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altavistard altavistard · Answer 1 · 2018-01-20T02:14:19+01:00

altavistard altavistard

20-01-2018

"Quarterly" means "4 times per year." The appropriate formula would then be

A = $25000 (1 + 0.03/4)^(4*8) = $25000 ( 1.0075)^32
= $25000 (1.27) = $31752.78

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