Calculate the compound interest on 7400 in 4years at 6% p.a. if interest is calculated every three months

Answer 1

P = Po(1+r)^n.
Po = $7400
r = 0.06(1/4) = 0.015 = Quarterly % rate.
n = 4comp./yr * 4yrs = 16 compounding periods.

I = P-Po.