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What is the compound amount and compound interest of $15,000 invested at 6% compounded quarterly for 27 months?

  • math - ,

    P = Po(1+r)^n.

    Po = $15000.

    r = (6%/4) / 100% = 0.015 = Quarterly %
    rate expressed as a decimal.

    n = 4Comp/12mo. * 27mo = 9 Compounding
    periods.

    Plug the above values into the given Eq
    and get:

    P = $17,150.85

    I = P-Po

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