The Jones hope to accumulate $12000 for a sunroom over the next 6 yrs. How much would they need to invest right now at 3.9% compounded quarterly to reach goal?

Question

Please help

Answer 1

Here are several pieces that explain how to compute compound interest.

http://www.bing.com/search?q=computing+compound+interest&form=EDGNTC&qs=PF&cvid=41403759967741bbbac848a42db2f4f1&pq=computing%20compound%20interest

Answer 2

12000(1+0.039/4)^4(6)
12000(1.00975)^24=15146.56
is this correct