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What is the compound amount and compound interest of $15,000 invested at 6% compounded quarterly for 27 months?
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
Plug the above values into the given Eq
P = $17,150.85
I = P-Po