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Question

I need to break it down into 4 quarters and have the principal and the principal+compound interest

 

a. If Tyler deposits $2000 of the $3200 he has earned in an account that pays 8% interest compounded quarterly, how much will he have in his account after 1 year?

Answer 1

A = P(1+r/n)^nt

A = 2000(1 + .08/4)⁴⁽¹⁾

A = 2000(1 + .02)⁴

A = 2000(1.02)⁴

A = 2000(1.0824)

A = $2164.86