Question

Suppose you have $6000, how much does a return of 3.25% quarterly for 5 years yield? show your work.

Answer 1

is this simple interest or compound?

Answer 2

quarterly: n = 4

Answer 3

not sure, thats the entire question so i'm guessing simple

Answer 4

if compound then
new amount = 6000(1 + (3.25/4)^(4*5)

Answer 5

that is right i was wrong
\[6000(1+\frac{.0325}{4})^{20}\] is the total. subtract 6000 to find the interest