Answer:
The value of account after 8 years is $8580
Step-by-step explanation:
Given in question as :
The principal that invested in an account = $6,000
The annual interest rate compounded quarterly = 4.5%
Time period = 8 years
Now from compound Interest method for quarterly .
Amount = Principal [tex]( 1 + \frac{Rate}{4 \times 100})^{4 \times Time}[/tex]
Or,Amount = $6,000 [tex]( 1 + \frac{4.5}{4 \times 100})^{4 \times 8}[/tex]
Or, Amount = $6,000 (1.430)
∴ Amount = $8580
Hence the value of account after 8 years is $8580 Answer
