Homework Help: math

Posted by linda on Tuesday, November 13, 2012 at 12:20pm.

compounded- what would be the amount of compound interest on $12,000 invested for one year at 6%, compounded quarterly? round your answer to the nearest tenth. could you show me the work please ? i had $737.00 is that answer correct?

math - Reiny, Tuesday, November 13, 2012 at 12:35pm
amount = 12000(1.015)^4
= 12736.36

so we gained 736.36 in interest
or 736.40 to the nearest tenth of a dollar

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