After 8 years, What is the total amount of a compound interest investment of $25000 at 3% interest, compounded quarterly?

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After 8 years, What is the total amount of a compound interest investment of $25000 at 3% interest, compounded quarterly?

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    2021-11-25T22:30:23+00:00

    “Quarterly” means “4 times per year.”  The appropriate formula would then be

    A = $25000 (1 + 0.03/4)^(4*8)    =  $25000 ( 1.0075)^32                 
                                                        =  $25000 (1.27)  = $31752.78

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