Emily would like to buy some new furniture for her home. She decides

to buy the furniture on credit with

9.5% interest compounded quarterly.

If she spent $7,400, how much total

will she have paid after 8 years.

$15,683.28

Step-by-step explanation:

formula for compound interest is: y= P(1+r/n)^nt

initial vaule= 7,400

N=4

T=8

R=0.095

New formula: y=7400(1+0.095/4)^4(8)

First step in answering (answer the parentheses first): Y=7400(1.02375)^32

Second step (multiply the new rate with the new exponet) Y=7400(2.11936263142)

Third/Final step (multiply everything together): y=$15,683.28

its adding 5.5 each time

step-by-step explanation: