Monday

March 2, 2015

March 2, 2015

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

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

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

Math - Your Aunt will give your $1,ooo if you invest it for 10 years in an ...

College Algebra - A total of $14,000 is invested in 3 accounts earning 3%, 4%, ...

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

Still confused - An investment adviser invested $14,000 in two accounts. One ...

math - compounded- what would be the amount of compound interest on $12,000 ...

Algebra - I really need your help in solving this problem. I really appreciate ...

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