Asked Nov 15, 2019

Determine the amount of money you will have 10 years if you deposit $8,000 at 5.6% annual interest compound quarterly, using A= P(1 +r/n)nt round to the nearest cent.


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Step 1

To find amount we u...


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-r A P 1 ..(1) Where, A Total amount P Principal or amount of money deposited r = Annual interest rate n Number of times compounded per year t = Time in years


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