# compound interest math

calculate the compound interest on an investment of \$45,000 at 6% interest compounded quarterly fro 3 years

1. 👍
2. 👎
3. 👁
1. calculate the compound interest on an investment of \$45,000 at 6% interest compounded quarterly fro 3 years

Formula for compound interest:
A=P(1+i)^n
A=amount at the end of n periods (future value)
P=amount invested (present value)
i=interest per compounding period. 6% per annum is equivalent to 1.5% per 3 months, the compounding period.
n=number of periods.
A=45000(1+0.015)^(3*4)

1. 👍
2. 👎

## Similar Questions

1. ### 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

2. ### Algebra

an investment of 72,000 was made by a business club. the investment was split into three parts and lasted for one year. the first part of the investment earned 8% interest. the second 6% and the third 9%. total interest from the

3. ### bmath

Ben invests \$19,500 at 12% interest compounded quarterly for 10 years. Calculate the compound amount for his investment.

Marcus invests \$8,000, at 8% interest, compounded annually for 15 years. Calculate the compound interest for his investment.

1. ### Algebra

An investment of \$53,000 was made by a business club. The investment was split into three parts and lasted for one year. The first part of the investment earned 8% interest, the second 6%, and the third 9%. Total interest from the

2. ### PreCalc

Which investment option will pay the most interest? A. 12.6% compounded annually B. 12.4% compounded semiannually C. 12.2% compounded quarterly D. 12.0% compounded continuously E. These investments all pay the same amount of

Refer to Narrative 11-1. Calculate The compound interest on an investment of \$7,500 at 8% intrest, compounded quarterly, for 8 years

4. ### Finance

Solve the following word problem by using Table 11-2. Stuart Daniels estimates that he will need \$24,000 to set up a small business in 6 years. Round your answers to the nearest cent. Click here for Table 11-2 a. How much must

1. ### math

What is the compound amount and compound interest of \$15,000 invested at 6% compounded quarterly for 27 months?

2. ### Algebra II

An investment service promises to triple your money in 12 years. Assuming continuous compounding of interest, what rate of interest is needed? For the question is it asking me if simple interest or continuously compounded interest

3. ### investing

Lily invests \$4,000, at 6% interest, compounded quarterly for 5 years. Calculate the compound interest for her investment by using Table 11-1.

4. ### Precalc

An investment of \$37,000 was made by a business club. The investment was split into three parts and lasted for one year. The first part of the investment earned 8% interest, the second 6%, and the the third 9%. Total interest from