# What is \$250 compounded quarterly for 10 years at a 8% interest rate?

Anonymous
timer Asked: Nov 20th, 2015
account_balance_wallet \$5

### Question Description

What is \$250 compounded quarterly for 10 years at a 8% interest rate

Lewis_M
School: University of Maryland

Thank you for the opportunity to help you with your question!

P, Principal = \$250

r, rate = 8% = 0.08/4 = 0.02

t, periods = 10 yrs x 4 = 40 periods

A = P(1+r)^t

A = 250(1+0.02)^40 = 250 x 2.208039664 = 552.0099

\$552.01

Please let me know if you need any clarification. I'm always happy to answer your questions.

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Anonymous
awesome work thanks

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