Asked by Casie
                I really need help with this problem I am not getting it at all anyhelp would be great thanks 
What would be the amount of compound interest on $8,000 invested for one year at 6% compounded quarterly ?
            
        What would be the amount of compound interest on $8,000 invested for one year at 6% compounded quarterly ?
Answers
                    Answered by
            bobpursley
            
    Interest= 8000(1+.06/4)<sup>4</sup> - 8000
http://math.about.com/library/weekly/aa042002a.htm
    
http://math.about.com/library/weekly/aa042002a.htm
                    Answered by
            Ms. Sue
            
    1st quarter:
$8,000 * 0.06 = $480.
$480 / 4 = $120 Interest for 1st quarter
2nd quarter:
$8,000 + $120 = $8,120
$8,120 * 0.06 = $487.20
$487.20 / 4 = $121.80 Interest for 2nd quarter
3rd quarter:
$8,120 + $121.80 = $8,241.80
I think you can finish the 3rd quarter and do the 4th quarter on your own.
We'll be glad to check your answer.
    
$8,000 * 0.06 = $480.
$480 / 4 = $120 Interest for 1st quarter
2nd quarter:
$8,000 + $120 = $8,120
$8,120 * 0.06 = $487.20
$487.20 / 4 = $121.80 Interest for 2nd quarter
3rd quarter:
$8,120 + $121.80 = $8,241.80
I think you can finish the 3rd quarter and do the 4th quarter on your own.
We'll be glad to check your answer.
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