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 ...
 differential equation  If P(t) is the amount of dollars in a savings bank ...
 Math  1. you deposit $200 into a savings account with interest compounded. ...
 Math  Bermie deposited $ 4000 into an account that pays 45/a compounded ...
 Compound interest  Hello My teacher skipped over this and I have no clue how to...
 Alg 2  Suppose you deposit a principal amount of p dollars in a bank account ...
 Alg2  Help....Help... Suppose you deposit a principal amount of p dollars in a ...
 Calculus Please help!  If 7000 dollars is invested in a bank account at an ...
More Related Questions