Suppose that $9500 is invested at 5.8%, compounded quarterly. Find the amount of money in the account after 8 years. Round your answer to the nearest dollar, and input it into the following box. Only NUMBERS are allowed in the input field.

The amount of money in the account after 8 years is $15,059

Step-by-step explanation:

The formula for compound interest, including principal sum, is

, where

∵ $9500 is invested at 5.8%, compounded quarterly

∴ P = 9500

∴ r = 5.8% = = 0.058

∴ n = 4 ⇒ compounded quarterly

∵ The amount of money will be in the account for 8 years

∴ t = 8

Substitute all of these value in the formula above

∵

∴

∴ A = 15058.7613 dollars

- Round it to the nearest dollar

∴ A = 15059 dollars

The amount of money in the account after 8 years is $15,059

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step-by-step explanation: