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MATH

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What wold be the amount of coumpound interest on $8,000 invested for one year at 6%,compounded quaterly? Round your answer to the nearest dollar.

  • MATH - ,

    6/4 = 1.5 percent every three months
    1.015^4 = 1.0614
    or 6.14 percent in a year
    8,000 * .0614 = $491

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