Donald plans to invest x dollars in a savings account that pays interest at an annual rate of 8% compounded quarterly. Approximately what amount is the minimum that Donald will need to invest to earn over $100 in interest within 6 months?
$1500
$1750
$2000
$2500
$3000
i have used below formula
A = P(1 + r/n)nt
where A=100,t=0.5, r=8%, n=4
Is it correct?
$1500
$1750
$2000
$2500
$3000
i have used below formula
A = P(1 + r/n)nt
where A=100,t=0.5, r=8%, n=4
Is it correct?
