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August 28, 2014

August 28, 2014

Posted by **Anonymous** on Sunday, May 13, 2012 at 12:46pm.

- algebra -
**MathMate**, Sunday, May 13, 2012 at 3:06pmUse

P(1+r)^n

Since interest is compounded quarterly,

the interest rate has to be divided by 4 to get the quarterly rate. The number of periods (years) has to be multiplied by 4 to get quarters.

P=500

R=(1+0.0425/4)

n=12*4=48

So

500*(1+0.0425/4)^48

=830.41

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