Thursday

March 5, 2015

March 5, 2015

Posted by **jameasen** on Thursday, January 10, 2008 at 7:32pm.

- math -
**Damon**, Thursday, January 10, 2008 at 7:50pmFor starters, if the 6% is compounded quarterly, that is 6/4 or 1.5 % each three month period. (Percent interest is generally given as if for a year)

That means that every three months you multiply what you have in the bank by 1.015.

In a year, you compound four times, so you multiply by 1.015 four times or

$8,000 * 1.015*1.015*1.015*1.015

or of course

$8,000*1.015^4

or

$8,000 * 1.06136 (a little better than 6% simple)

or

$8490.91 which is to the nearest dollar $8491

**Answer this Question**

**Related Questions**

math - please help how do you figure out the compound interest on $8,000 ...

math please explian - I know how to do simple interest on a loan but how would I...

Visual Basic 2008 Programming - Help! I'm not sure how to start or how calculate...

Math - Choose the one alternative that best completes the statement or answers ...

computer science - When $1000 is deposit at 5% simple interest, the amount grows...

Math 0098 - Last year, Deon had $20,000 to invest. He invested some of it in an...

Algebra - Maybe that was to confusing...we have a data sheet to fill out - 2 ...

college alg help! - cannot figure a way to do this problem: An investment of $...

math - Belle had the choice of taking out a four year car loan at 8.5% simple ...

math - please help how do you figure out the simple interest on a $14,500 loan ...