Solve the problem.Find the amount in a savings account at the end of 8 years if the amount originally deposited is $1,000 and the interest rate is 7% compounded quarterly.Use: A = P
ntwhere:A = final amountP = $1,000 (the initial deposit)r = 7% = 0.07 (the annual rate of interest)n = 4 (the number of times interest is compounded each year)t = 8 (the duration of the deposit in years)
A. $32,560.00
B. $1,742.21
C. $1,148.88
D. $1,916.43
Answer: B
Mathematics
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