blessingmorsay blessingmorsay

22-06-2021
Mathematics

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Larry puts $4250 in an account for 8 years, compounded quarterly, at 4.5% interest (APR). How much will he have at the end?

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CoastsideDad CoastsideDad

22-06-2021

Answer:

6,079.42

Step-by-step explanation:

FV = P (1 + r / n)^Yn

P is the starting principal, r is the annual interest rate, Y is the number of years invested, and n is the number of compounding periods per year. FV is the future value, meaning the amount the principal grows to after Y years.

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