Homework Answers
Answer:
Because the interest is compounded quarterly, we convert 3 years to 12 quarters periods, and the annual interest rate of 4% to the quarterly rate of 1%.
Calculation using a FV factor :
= PV*[FV factor for n=12,i=1%]
=$8000*[1.1268]
=$9014.4
So answer is $9014.4
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