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Posted by 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 - , 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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