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17 June, 07:14

You deposit $2000 in a bank account that pays 3% annual interest. Find the balance after 8 years if the interest is compounded quarterly. Round to the nearest cent.

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  1. 17 June, 07:47
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    2480‬$

    Explanation:

    2000$ * (3%=0.03) = 60$

    multiply by 8 = 480$

    then by adding it to 2000 = 2480$
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