A $6000 investment is made a at a local bank at an interest rate of 7% compounded quarterly. Find the total amount in the account after 4 years. Also, what is the amount of compound interest earned during the same 4 years?

Question

A $6000 investment is made a at a local bank at an interest rate of 7% compounded quarterly.  Find the total amount in the account after 4 years.  Also, what is the amount of compound interest earned during the same 4 years?

anonymous · Answer

what is the formula used to find this?

anonymous · Answer

cool thank you!

anonymous · Answer

total amount = principal(1.00 + (percent interest/4))^(number of years)

my formula was wrong :-P