Question

$8000 accumulating to $11672.12 compounded quarterly for 8 years

Answer 1

The formula for compounded interest is;

$A=P(1+\frac{r}{n})^{nt}$

Where;

A = Final amount

P = Principal

r = rate

n = number of times the interest is compounded per time

t = time

Making r the subject of formula we have;

$undefined$