Asked by Tee

calculate the compound amount after 5 years for an investment of $7,700 at 6% interest compounded quarterly.

Answers

Answered by Henry
P = Po(1+r)^n.

Po = $7700.

r = (6%/4)/100% = 0.015 = Quarterly % rate expressed as a decimal.

n = 4Comp./yr. * 5yrs = 20 Compounding
periods.

Plug the above values into the given Eq and get:
P = $10,370.78
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