# Math

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I really need help with this problem I am not getting it at all anyhelp would be great thanks

What would be the amount of compound interest on \$8,000 invested for one year at 6% compounded quarterly ?

• Math -

Interest= 8000(1+.06/4)4 - 8000

• Math -

1st quarter:
\$8,000 * 0.06 = \$480.
\$480 / 4 = \$120 Interest for 1st quarter

2nd quarter:
\$8,000 + \$120 = \$8,120
\$8,120 * 0.06 = \$487.20
\$487.20 / 4 = \$121.80 Interest for 2nd quarter

3rd quarter:
\$8,120 + \$121.80 = \$8,241.80

I think you can finish the 3rd quarter and do the 4th quarter on your own.

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