Saturday
May 25, 2013

# Homework Help: Math

Posted by Amanda on Wednesday, June 13, 2012 at 3:19pm.

Find how much interest \$15,000 earns in 4 years in a certificate of deposit paying 8.5% interest compounded quarterly.

• Math - drwls, Wednesday, June 13, 2012 at 6:17pm

15,000*[1 + (.085/4)]^16 -15,000
= 20,999.28 - 15,000 = \$5999.28

Without compounding, it would be
15,000*.085*4 = \$5100.00

This is how much is EARNED and does not include the original \$15,000

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