posted by .

Find total amount in the compound intrest account.

$2000 is compounded quarterly at a rate of 8% for 6 years. (Round to nearest Hundereths as needed)

  • Math -

    amount = 2000(1.02)^24
    = ...

  • Math -

    so 48960?

  • Math -

    How did you possibly get that ???

    amount = 2000(1.02)^24
    = 2000(1.608437)
    = 3216.87

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Math

    Find the total amount in the compound intrest account. $4000 is compounded annually at a rate of 11% for 3 years. (Round the nearest hundredths as needed)
  2. Math

    $6550 is compounded semianually at a rate of 18% for 18 years. find the total amount in the compound interest account round to the hundredth as needed.
  3. Algebra

    Using the compound intrest formula's A=P(1+r/n)^nt and A=Pe^rt to solve the problem given. Round the answer to the nearest cent. I have to find the accumulated value of and investment of $20,000 for 6 years at an intrest rate of 4.5% …
  4. prealgebra

    find the total amount in the compound interest amount. $6350 is compounded semiannually at a rate of 18% for 16 yrs. (round to the nearest hundredth as needed)

    You deposit $2,000 in an account that pays 8% interest compounded semiannually. After 4 years, the interest rate is increased to 8.28% compounded quarterly. What will be the value of the account after 4 more years?
  6. algebra 2

    $11,700 is invested in a compound interest account paying 3.9% compounded quarterly. How much will be in the account after 18 years?
  7. consumer math

    Jim opened an account with $400. The account pays three percent quarterly. How much is in the account at the end of two years?
  8. MATH!!

    Joe and Susan invested $1500 at Bank of America in 2000, at 4% compounded quarterly. In the year 2005 they moved to another city and took the total money from their investment added $500 and invested in at Bank Bravo, at 5% compounded …
  9. math

    10 years ago raj deposited $5000 into an investment account with intrest compound quarterly. for the first 5 years the intrest rate was 6% and for the next 5 years the interest rate changed to 4.5% how much money is in the account …
  10. math

    Suppose you put $2000 in a savings account at an APR of 8% compounded quarterly. Fill in the table below. (Calculate the interest and compound it each quarter rather than using the compound interest formula. Round your answers to the …

More Similar Questions