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August 21, 2014

August 21, 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.

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