calculate the compound interest on an investment of $45,000 at 6% interest compounded quarterly fro 3 years

Answer 1

calculate the compound interest on an investment of $45,000 at 6% interest compounded quarterly fro 3 years

Formula for compound interest:
A=P(1+i)^n
A=amount at the end of n periods (future value)
P=amount invested (present value)
i=interest per compounding period. 6% per annum is equivalent to 1.5% per 3 months, the compounding period.
n=number of periods.
Use your calculator to find
A=45000(1+0.015)^(3*4)