A principal of 8,270 dollars is placed in an account that earns interest at the rate of 8% and is compounded quarterly. Approximately how much interest is earned on the investment at the end of 7 years? Show your work.

Guest Feb 23, 2021

#1**+1 **

The total amount after 7 years will be

# periods = 7 x 4 = 28 interest per period in decimal form = .08/4 = .02

Future amount = $ 8270 ( 1 + .02)^{28}

When you calculate this amount, subtract the original $ 8270 to find the interest earned ....

ElectricPavlov Feb 23, 2021