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June 20, 2013

# 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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