Asked by sally
Anny invests $8,500, at 6% interest, compounded quarterly for 12 years?
Answers
Answered by
Henry
P = Po(1+r)^n
Po = $8,500
r = (6/4)/100 = 0.015 = Quarterly % rate
expressed as a decimal.
n = 4comp./yr. * 12yrs. = 48 Compounding
periods.
Solve for P.
I = P-Po
Po = $8,500
r = (6/4)/100 = 0.015 = Quarterly % rate
expressed as a decimal.
n = 4comp./yr. * 12yrs. = 48 Compounding
periods.
Solve for P.
I = P-Po
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