Answer:
Total = Principal * ( 1 + rate / n ) ^ n * years
where n is the number of compounding periods and for quarterly it would be 4.
Total = 5,500.00 * ( 1 + .08/4) ^ 4 * 5.5
Total = 5,500 * (1.02) ^ 22
Total = 5,500 * 1.54597967077588
Total = 8,502.88818926734
Total = 8,502.89 Rounded
Formulas here: https://www.1728.org/compint3.htm
Calculator here: https://www.1728.org/compint.htm
Step-by-step explanation:
