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

A = 6000(1 + .07/4)^(4*4)

anonymous · Answer

I came up with $72652.34 but that seems too high

anonymous · Answer

$7919.58

anonymous · Answer

$$6000(1+\frac{.07}{4})^{4\times4}$$

anonymous · Answer

7919.57

anonymous · Answer

what about the second half of the problem?

anonymous · Answer

let me know where you are getting 7% so i can go there

anonymous · Answer

LOL... no kidding... only in my textbook...

anonymous · Answer

as far as i can tell the second part is just asking for the interest. so interest is 
$$7919.57-6000$$

anonymous · Answer

I red it as changing from quarterly to annual... am I reading it wrong?