your friend's parents deposited $8000 in an account paying 6.6% interest compounded quarterly. What will the account balance be after 16 years?

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Is there a monthly deposit?

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

n=interest compounded quarterly (4) t=time (16) P=starting amount (8000) r=percent interest (6.6%)

A=8000 (1+.066/4) 4*16

Put in your calculator. 066/4 then add 1 to answer

A=8000 (1.0165) ^4*16

Multiply 4 and 16

A=8000 (1.0165) ^64

Plug into your calculator

And your Answer would be: The account balance would be $22,801.45 after 16 years.