Annette opened a compound interest savings account with $7000 in principal and an interest rate of 2.5%. If interest is compounded annually, how much is in the account after 8 years?
interest compounded quarterly: A = P (1 + r)t
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The question has two different compounding periods. The first period mentioned is "annually" and the second to be mentioned is "quarterly".
Please clarify the question.
it doesnt say......
Well, there will be two different answers depending on which compounding period is used. I suggest that you ask your teacher to clarify the question.