Answer:
8,000 x .02 = 1,600
Step-by-step explanation:
Convert the percentage by dividing 20% by 100 to get 0.2,
Then multiply by 8,000 to get your answer.
Answer:
$14,366.85
Step-by-step explanation:
Identify the values of each variable in the formulas. Remember to express the percent as a decimal.
A=?
P=$8,000
r=0.2
t=3
For quarterly compounding, n=4. There are 4 quarters in a year.
A=P(1+rn)nt
Substitute the values in the formula.
A=8,000(1+0.24)4⋅3
Compute the amount. Be careful to consider the order of operations as you enter the expression into your calculator.
A=$14,366.85
