Question: Find the compound amount for the given deposit and the amount of interest eamed. $2500 is invested at 8% compounded quarterly for 8 years The

 Find the compound amount for the given deposit and the amount

Find the compound amount for the given deposit and the amount of interest eamed. $2500 is invested at 8% compounded quarterly for 8 years The compound amount is (Do not round until the final inswer. Then round to the nearest cent as noeded.) The amount of interest earned is (Do not round until the final answer. Then round to the nearest cent as needed.)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!