Introduction to Exponential Functions

6. Exponential and Logarithmic Functions / Introduction to Exponential Functions / Problem 2

Problem 2

Use the compound interest formula A = P(1 + r/n)^nt to solve the problem. If \$8000 is deposited to an account with an interest rate of 1.18% compounded quarterly, what is its value after 10 years?

\$9000.39

\$8975.34

\$9002.28

\$8988.48

Use the compound interest formula A = P(1 + r/n)nt to solve the problem. If \$8000 is deposited to an account with an interest rate of 1.18% compounded quarterly, what is its value after 10 years?