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October 30, 2014

October 30, 2014

Posted by **Tommy** on Sunday, January 27, 2013 at 9:11pm.

The amount after 8 years would be ???

- I don't understand how you did it help -
**Damon**, Sunday, January 27, 2013 at 9:31pmOK, step by step

5.6 % = .056 yearly nominal

but it is quarterly/ so divide by 4

.014

so every three months, you multiply by

1.014

in other words add 1.4 percent of what you have to what you have every three months

Do this for 8 years which is 32 quarters

1.014 * 1.014 * 1.014 32 times

or

1.014^32 = 1.56032

so

4000 * 1.56032 = 6241.29

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