# math

posted by .

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

## Similar Questions

1. ### Math

Use the compound interest formula to solve: \$18,000 is invested in an account paying 3% interest compounded quarterly. Find the amount of money in the account at the end of 10 years. (Show values substituted in the formula, and calculate …
2. ### Math

Using the compound interest formula A = P (1+ ((r)/ (n)) ^nt Find the amount of money in the account at the end of 10 years. (Show values substituted in the formula, and calculate the numerical amount.) \$18,000 is invested in an account …
3. ### Math

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

Compute the compound quarterly amount after 1 year for \$100 invested at 12% interest compounded quarterly. What simple interest rate will yield the same amount in 2 years?
5. ### math

compounded- what would be the amount of compound interest on \$12,000 invested for one year at 6%, compounded quarterly?
6. ### math

calculate the compound interest on an investment of \$18,000 at 8% interest compounded quarterly for 15 months.
7. ### Math

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

*solve execises by using compounded interest formula Principal \$ 700 Time period 8years nominal rate (%) 1.5 Interest compounded monthly Compound amount ?
9. ### Math/Compound Interest

1. Use the compound interest table to find the compound amount earned on a \$5,900 deposit for 10 years at 10% compounded semiannually. _____________________________________ A. 9,610.45 b. 15,654.47 c. 3,710.45 d. 12,375.66 2. Megan …
10. ### Business Math

Solve the following by using the present value formula. Compound Amount- \$675 Term of Investment-15 months Nominal Rate (%)- 2.7 Interest Compounded quarterly Present Value ___________?

More Similar Questions