Sarah invested $800 in an account paying an interest rate of 3.5% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 8 years?

$ 1,057.22

Step-by-step explanation:

A = $ 1,057.22

A = P + I where

P (principal) = $ 800.00

I (interest) = $ 257.22

After 8 years, total amount will be $1057.

Given that,

According to the given data, calculation are as follows,

Compound interest formula,

A =

A =

A =

A = $800 1.3215

A = $1057.2 or $1057.

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