what is the compound amount and compound interest of $7.700 with a nominal rate of 6% for 5 years

Answer 1

P = Po(1+r)^n

Po = $7700

Compounded Quarterly?

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

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

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

I = P-Po