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.
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 ....