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

label Business
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

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

Nov 20th, 2015

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.
Nov 20th, 2015

Would you like any further clarification?

Nov 20th, 2015

Studypool's Notebank makes it easy to buy and sell old notes, study guides, reviews, etc.
Click to visit
The Notebank
...
Nov 20th, 2015
...
Nov 20th, 2015
Oct 22nd, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer