The value of her investment after 8 years is $8,293.81.
An interest rate tells you how high the cost of borrowing is, or high the rewards are for saving.
Given:
P= $5600
r= 5.4%
t= 8 years
Then solve the equation for A
A = P(1 + r/n)^nt
A = 5,400.00[tex](1 + 0.054/4)^{4/8}[/tex]
A = 5,400.00[tex](1 + 0.0135)^{32}[/tex]
A = $8,293.81
Hence, the value will be $8,293.81.
Learn more about interest here:
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