$8,200 is invested in an account with a 2.1% interest rate that is compounded quarterly. how much money is…

Answer:

$8372.17$

Explanation:

Step1: Identify compound - interest formula

$A = P(1+\frac{r}{n})^{nt}$

Step2: Define variables

$P = 8200$, $r=0.021$, $n = 4$, $t = 1$

Step3: Substitute values into formula

$A=8200(1 +\frac{0.021}{4})^{4\times1}$

Step4: Calculate inside the parentheses

$1+\frac{0.021}{4}=1 + 0.00525=1.00525$

Step5: Calculate the exponent

$(1.00525)^{4}\approx1.021118$

Step6: Multiply by the principal

$A = 8200\times1.021118\approx8372.17$