You deposited $1,000 in a savings account that pays 8 percent interest, compounded quarterly, planning to use it to finish your last year in college. Two years (24 months) later, you decide to go to the Rocky Mountains to become a ski instructor rather than continue in school, so you close out your account. How much money will you receive?

Please do your own homework -- we would be glad to check it but you must at least post a effort-- Savage

Is there anyone else who can help me figure out how to do the problem? Not give me the answer. I would greatly appreciate it.

Take a look at this website for a PV calculation

Present value - Wikipedia, the free encyclopedia (http://en.wikipedia.org/wiki/Present_value)