Homework Help: math

Posted by bob on Friday, January 23, 2009 at 2:44pm.

What is $600 invested at 9% interest, compounded quarterly, worth in 3 years?
a. $640.50
b. $641
c.$762
d.$784

math - Reiny, Friday, January 23, 2009 at 2:57pm
amount = 600(1 + .09/4)^12

using:
Amount = principal(1+i)^n where i is the periodic interest rate of .09/4 and n is then number of interest periods, namely 12
math - bob, Friday, January 23, 2009 at 3:01pm
d

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