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August 1, 2014

August 1, 2014

Posted by **Tee** on Thursday, June 27, 2013 at 10:19pm.

- Business Math -
**Henry**, Saturday, June 29, 2013 at 2:41pmP = Po(1+r)^n.

Po = $7700.

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

n = 4Comp./yr. * 5yrs = 20 Compounding

periods.

Plug the above values into the given Eq and get:

P = $10,370.78

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