# 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 deposited \$6,000 in an account that pays 4% compounded quarterly. Use the compound interest table to find the interest earned on the investment after 7 years.
________________________________________

a. 7,680
b. 7,927.74
c. 1,680
d. 1,927.74

I'm confused on these. If you could walk me through it, I'd appreciate it!

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1. interest rate r, compounded n times per year, after t years is

(1+r/n)^(nt)

So, for #1,

5900(1+.10/2)^(2*10) = 15,654.47

#2: 6000(1+.04/4)^(4*7) = 7927.74

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