# math

what is the compound amount and compound interest of \$7.700 with a nominal rate of 6% for 5 years

1. 👍 0
2. 👎 0
3. 👁 150
1. P = Po(1+r)^n

Po = \$7700

Compounded Quarterly?

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

n = 4 comp./yr. * 5yrs = 20 Compounding
periods.

Plug the above values into the given Eq
and get P = \$10,370.78.

I = P-Po

1. 👍 0
2. 👎 0

## Similar Questions

1. ### Math

Money invested in compound interest amount to rs 27783 in 3 years and rs 26460 in 2 years what is the rate percent of interest ?

2. ### Finance

Find the future value of \$10,000 invested now after five years if the annual interest rate is 8 percent. a. What would be the future value if the interest rate is a simple interest rate? b. What would be the future value if the

3. ### Math

The difference between compound interest and simple interest on a certain principal for two years at 20% rate of interest is Rs. 25. What is the Principal amount ? (Answer with theory)

4. ### Math

Find total amount in compound interest account. \$9000 IS compounded semiannually at a rate of 11% for 20 years

1. ### Social studies

How die a compound interest rate differ from a simple interest rate? Compound interest rates pay more interest over time Compound interest rates are calculated only once a year Compound interest rates ideally lower than simple

2. ### Social Studies

I was wondering if I could check my answers with someone. I'm a bit confused with interest. I put stars next to the answers I chose. Thank you. An interest rate is a special type of (1 point) loan. **price. bank. service. 2. How

3. ### social studies

1)An interest rate is a special type of? a. loan b. price c. bank d. service 2) How does a compound interest rate differ from a simple interest rate? a. Compound interest rates pay more interest over time b. Compound interest

4. ### SS

Rohan has 100 dollars that he wants to save in a bank. Bank A offers two types of savings accounts. One has a 5% simple interest rate and the other has a 4.8% compound interest rate. Bank B also offers two types of savings

1. ### 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.

2. ### Math Personal Finance

Assume we invest \$2000 for one year in a savings account that pays an APR (Annual Percentage Rate) of 10% compounded quarterly. Calculate the interest and compound it by hand each quarter rather than using the compound interest

3. ### 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?

4. ### maths

1. Find the amount and the compound interest on rs.12800 for 1 year at 15/2%p.a. Componded semi-annually. 2.find the amount and the compound interest on rs.24000 for 6 months if the interest is payable quarterly at the rate of 20