Asked by Anoymous
margaret Hillman invested $4,000 at 1.2% compounded quarterly for one year. find the futrue value and the interest earned for the year
Answers
Answered by
bobpursley
FV=4000(1.02)
interest earned: .02*4000
interest earned: .02*4000
Answered by
Reiny
i = .012/4 , (compounded quarterly)
= .003
n = 4
amount = 4000(1.003)^4 = 4048.22
interest earned = $48.22
= .003
n = 4
amount = 4000(1.003)^4 = 4048.22
interest earned = $48.22
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