Find the final amount of money in an account if $6, 300 is deposited at 2 % interest compounded quarterly (every 3 months) and the money is left for 8 years. The final amount is $ Round answer to 2 decimal places

College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter8: Sequences, Series, And Probability
Section8.4: Geometric Sequences And Series
Problem 7SC
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Find the final amount of money in an account if $6, 300
is deposited at 2 % interest compounded quarterly
(every 3 months) and the money is left for 8 years.
The final amount is $
Round answer to 2 decimal places
Transcribed Image Text:Find the final amount of money in an account if $6, 300 is deposited at 2 % interest compounded quarterly (every 3 months) and the money is left for 8 years. The final amount is $ Round answer to 2 decimal places
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