Answer:
$1400
Step-by-step explanation:
The Fresh and Green Company has a savings plan for employees. If an employee makes an initial deposit of $1000, the company pays 8% interest compounded quarterly. If an employee withdraws the money after five years, how much is in the account?
First you need to make 8% into a decimal.
To do that you need to move the decimal point to spaces to the left.
8. ----- 0.8 ----- 0.08
The decimal is 0.08.
Now multiply $1000 by 0.08.
Which is $80.
Now do $80 times 5 years.
which is $400 interest.
Now add $400 to $1000.
Which is $1400.
