Friday
March 24, 2017

Post a New Question

Posted by on Friday, May 28, 2010 at 7:16pm.

if on the first of january a savings account has a balance of $3,200, what amount will be there in this account after three years if the bank gives 6% per year interest compounded quarterly? (assume that there are no deposits or withdraws of money during these three years.

  • essential Mathematics - , Friday, May 28, 2010 at 7:18pm

    find the amount after one year $1,000 invested at 6% per year if interest is a simple interest.

    compound interest compounded quarterly.

  • essential Mathematics - , Friday, May 28, 2010 at 7:36pm

    3200.00 x (1.015)^12 = $3825.98 for quarterly compound interest.

    For your second (simple interest) question, just increase the initial deposit by 6%.

Answer This Question

First Name:
School Subject:
Answer:

Related Questions

More Related Questions

Post a New Question