Posted by Anonymous on Monday, November 12, 2007 at 6:00pm.
please help how do you figure out the compound interest on $8,000 invested for one year at 6% compounded quarterly. rounded to the nearest dollar

math  drwls, Monday, November 12, 2007 at 6:19pm
1.5% (1/4 of 6%) interested is added each quarter. After four quarters, the value of the account is
8000*(1.015)^4 = $8491.
If interest had been compounded annually instead of quarterly, then the amount at the end of one year would be 8000*1.06 = $8480.
Answer This Question
Related Questions
 math  Please help I know to figure out simple interest but what is the best way...
 math please explian  I know how to do simple interest on a loan but how would I...
 Math  What would be the amount of compound interest on $8,000 invested for one ...
 math  What would be the compounded interest on $8,000 invested for onr year AT ...
 math  compounded what would be the amount of compound interest on $12,000 ...
 Math  What would be the amount of compound interest on $8,000 invested for one...
 MATH  What would be the amount of coumpound interest on $8,000 invested for one...
 MATH  What wold be the amount of coumpound interest on $8,000 invested for one ...
 math  what would be the amount of compound interest on %6,000 invested for 2 ...
 Math  I really need help with this problem I am not getting it at all anyhelp ...
More Related Questions