Solve the Problem. -Find the Amount in a Savings Account at the End

question 25

Multiple Choice

Solve the problem.
-Find the amount in a savings account at the end of 8 years if the amount originally deposited is $1,000 andthe interest rate is 7% compounded quarterly. A = final amountP = $1,000 (the initial deposit) r = 7% = 0.07 (the annual rate of interest) n = 4 (the number of times interest is compounded each year) t = 8 (the duration of the deposit in years)

• A)$1,742.21
• B)$1,916.43
• C)$32,560.00
• D)$1,148.88

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