Question

If Ricky borrowed $4600 at a rate of 16% interest per year compounded quarterly,
calculate the amount due at the end of 8 years if the interest is compounded
quarterly.

Answer 1

Answer: $16137.07

Step-by-step explanation:

A = p(1+r/n)^nt

A= 4600(1+0.16/4)^4x8

A= 16137.07