Homework Help: essential Mathematics

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 essentials - if on the first of january a savings acctount has a balance of...
math need help with this - If on the first of January a savings account has a ...
Math - 1. you deposit $200 into a savings account with interest compounded. ...
Precalculus - NEED HELP ASAP PLEASE!! A savings account starts with $600 and ...
Math - Can you help me with this problem? At the beginning of January, Lisa had ...
math - If you have a savings of $2235 and deposit the amount into an account ...
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% ...
I NEED HELP :( - Mr. Malone is putting money in two savings accounts. Account A ...
Algebra - Mr. Malone is putting money in two savings accounts. Account A started...

For Further Reading

First Name:
School Subject:
Answer: