Answer:
The amount after 8 years is $19249.17
Step-by-step explanation:
For any calculation for investments there si the compound interest formula:
[tex]A=P(1+\frac{r}{n} )^(n*t)[/tex]
Where
P = principal amount (the initial amount you borrow or deposit)
r = annual rate of interest (as a decimal)
t = number of years the amount is deposited or borrowed for.
A = amount of money accumulated after n years, including interest.
n = number of times the interest is compounded per year
So for this example
P, the original amount ($14000)
r, 4%
t, 8 years
A, the amount after 8 years
n, 4, due that is quarterly
[tex]P=$14000(1+((4/100)/(4)))^(4*8)\\\\P= $19249.17[/tex]
