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25 January, 15:35

Find the final amount of $1000 investment after 9 years at 8% interest compound quarterly

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  1. 25 January, 17:26
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    Here's the equation for one year:

    1000 + 0.08 (1000)

    But because it is 9 years:

    1000 + 9 (0.08 (1000))

    1000 + 0.72 (1000)

    We can make it simpler:

    1.72 (1000)

    Multiply:

    1720

    You will have $1720
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