posted by Jean on .
Lee Willis loaned Audrey Chin $16000 to open Snip Its Hair Salon. After 6 years, Audrey will repay Lee with 8% interest compounded quartly. How much will Lee receive at the end of 6 years?
P = Po(1+r)^n.
r = (8$/4)/100% = 0.02 = Quarterly % rate expressed as a decimal.
n = 4comp/yr * 6yrs. = 24 Compounding
Solve the given Eq for P.