What is the total amount in an investment of $3500 that was compounded quarterly for 8 years at a rate of 5%?
what is the interest that was made on that account mentioned in #7?

Principal = 3500

Time = 8 years

We are given that compound quarterly

So, No. of compounds per year = 2

Rate of interest = 5%

Formula :

Substitute the values :

Interest = 3863.345 - 3500 = 363.345

Hence the total amount in an investment of $3500 that was compounded quarterly for 8 years at a rate of 5% is $3863.345 and the interest that was made on that account mentioned is $363.345

answer: 25 is the correct answer

step-by-step explanation:

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step-by-step explanation: