To found the amount of money after 8 years, we will use the formula below:
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]where p is the principal
r is the rate
n is the number the interest is applied
t is the time in year
From the question, P=7000 r=4.5% =0.045 n=4 t=8
substitute the values into the formula and evaluate
[tex]A=7000(1+\frac{0.045}{4})^{4\times8}[/tex][tex]A=7000(1+0.01125)^{32}[/tex][tex]=7000(1.01125)^{32}[/tex][tex]\approx10013.16[/tex]Hence, there would be $10013.16 after 8 years
