Monday

September 22, 2014

September 22, 2014

Posted by **Casie** on Saturday, May 10, 2008 at 8:25pm.

What would be the amount of compound interest on $8,000 invested for one year at 6% compounded quarterly ?

- Math -
**bobpursley**, Saturday, May 10, 2008 at 8:36pmInterest= 8000(1+.06/4)

^{4}- 8000

http://math.about.com/library/weekly/aa042002a.htm

- Math -
**Ms. Sue**, Saturday, May 10, 2008 at 8:42pm1st quarter:

$8,000 * 0.06 = $480.

$480 / 4 = $120 Interest for 1st quarter

2nd quarter:

$8,000 + $120 = $8,120

$8,120 * 0.06 = $487.20

$487.20 / 4 = $121.80 Interest for 2nd quarter

3rd quarter:

$8,120 + $121.80 = $8,241.80

I think you can finish the 3rd quarter and do the 4th quarter on your own.

We'll be glad to check your answer.

**Answer this Question**

**Related Questions**

math compound interest - I can figure all of the other compound interest ...

Maths - Suppose you were to leave $100 to be equally divided between your great ...

Math - What would be the amount of compound interest on $8,000 invested for one...

Kirr - *solve execises by using compounded interest formula Principal $ 700 ...

math - What would be the compound amount after 19 years on an investment of $42,...

math - What would be the compound amount after 19 years on an investment of $42,...

Math please check answer - please check my answer thanks What would be the ...

business math - What would be the compound amount after 19 years an investment ...

business math - What would be the compound amount after 19 years on an ...

business math - I'm trying to solve this problem: What sinking fund payment ...