MATH
posted by Benjie .
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.

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