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Original Question
he compound amount on an investment of $8,500 at 12% interest, compounded quarterly, for 1 year.Asked by tota
the compound amount on an investment of $8,500 at 12% interest, compounded quarterly, for 1 year.
Answers
Answered by
Henry
P = Po(1+r)^n
Po = $8500
r = (12%/4)/100% = 0.03 = Quarterly %
rate expressed as a decimal.
n = 1yr * 4comp/yr. = 4 compounding
periods.
Plug the above values into the given Eq and sole for P.
Po = $8500
r = (12%/4)/100% = 0.03 = Quarterly %
rate expressed as a decimal.
n = 1yr * 4comp/yr. = 4 compounding
periods.
Plug the above values into the given Eq and sole for P.
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