Posted by **unknown** 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 -
**unknown**, 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 -
**drwls**, 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

## Related Questions

- math need help with this - If on the first of January a savings account has a ...
- math essentials - if on the first of january a savings acctount has a balance of...
- Precalculus - NEED HELP ASAP PLEASE!! A savings account starts with $600 and ...
- Math - 1. you deposit $200 into a savings account with interest compounded. ...
- differential equation - If P(t) is the amount of dollars in a savings bank ...
- Economics - Finance - If your bank pays 5.5 percent interest on savings deposits...
- Math - I need to see how this is answered. 1. Lauren deposited $200 into her ...
- pre algebra - At the beginning of the year 2000, Bob put $100 in a savings ...
- algebra 1 - on january 1,1997 you deposit $200.00 in a bank account paying 5% ...
- algebra 1 - on january 1,1997 you deposit $200.00 in a bank account paying 5% ...

More Related Questions