Answer:
$1013.42
Step-by-step explanation:
This one would be similar to the previous.
Initial investment, P = 800
Annual Interest rate, r = 12%
Number of compouding in a year, n = 4
Time Period, t = 2 years
Using formula:
Future value,
A = P(1+r/n)^(nt)
= 800 (1+0.12/4)^(4*2)
= 800 (1.03)^(8)
= 1013.42 (to the nearest cent)
