You deposited $1,000 in a savings account that pays 8 percent interest, compounded quarterly, planning to use it to finish your last year in college. eighteen months later, you decide to go to the rocky mountains to become a ski instructor rather than continue in school, so you close out your account. how much money will you receive?

$1,126.16

Explanation:

Given that,

Amount deposited in savings account = $1,000

Interest rate = 8%, compounded quarterly

Since the interest is compounded quarterly, therefore

                                       n= 6

                                                  = 0.02

                                                e = 2%

Hence,

                                                 = 1,000 × 1.1261

                                                 = $1,126.16

i just took the test and it is financing