Answer:
Principal = 3500
Time = 8 years
We are given that compound quarterly
So, No. of compounds per year = 2
Rate of interest = 5%
Formula : [tex]A=P(1+\frac{r}{n})^{nt}[/tex]
Substitute the values :
[tex]A=3500(1+\frac{0.05}{2})^{2 \times 2}[/tex]
[tex]A=3863.345[/tex]
Interest = 3863.345 - 3500 = 363.345
Hence the total amount in an investment of $3500 that was compounded quarterly for 8 years at a rate of 5% is $3863.345 and the interest that was made on that account mentioned is $363.345
