Ask
your own question, for FREE!
Mathematics
11 Online
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?
Still Need Help?
Join the QuestionCove community and study together with friends!
A = 6000(1 + .07/4)^(4*4)
I came up with $72652.34 but that seems too high
$7919.58
\[6000(1+\frac{.07}{4})^{4\times4}\]
7919.57
Still Need Help?
Join the QuestionCove community and study together with friends!
what about the second half of the problem?
let me know where you are getting 7% so i can go there
LOL... no kidding... only in my textbook...
as far as i can tell the second part is just asking for the interest. so interest is \[7919.57-6000\]
I red it as changing from quarterly to annual... am I reading it wrong?
Can't find your answer?
Make a FREE account and ask your own questions, OR help others and earn volunteer hours!
Join our real-time social learning platform and learn together with your friends!
Join our real-time social learning platform and learn together with your friends!
Latest Questions
Countless7Echos:
Ah trying out the whole T.V girl drawing :p (I love drawing eyes)
SnowyBreaks:
You ever get the types of dreams where it feels as if you aren't breathing? And w
laylasnii13:
Poem/diary i wrote I Want Out Iu2019m so tired of screaming into walls. Every fight with my mom leaves something broken and itu2019s not just plates or slam
Countless7Echos:
Aye.. I need actually some help on the shading here.. if the light is from above too I just feel something is off.
1 hour ago
7 Replies
5 Medals
14 hours ago
6 Replies
0 Medals
1 day ago
13 Replies
3 Medals
3 days ago
19 Replies
3 Medals