Find the final value of 2000 invested at an interest rate of 3% compounded quarterly for 8 years

2540.22

Step-by-step explanation:

The equation

Final value=amount invested (1 + (interest rate: quarter)) ^ (quarter * time)

Apply the given in the question to the equation

Final value=2,000 * (1 + (0.03:4)) ^ (4*8)

Final value=2540.22 the answer

2540.22

Step-by-step explanation:

amount = principal amount * (1 + r/n) ^ nt

r = interest rate as decimal

n=number of times interest is compounded

nt=time