What is the compound amount and compound interest of $15,000 invested at 6% compounded quarterly for 27 months?

Answer 1

P = Po(1+r)^n.

Po = $15000.

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

n = 4Comp/12mo. * 27mo = 9 Compounding
periods.

Plug the above values into the given Eq
and get:

P = $17,150.85

I = P-Po