Mathematics 29 Online
OpenStudy (anonymous):

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

OpenStudy (anonymous):

is this simple interest or compound?

OpenStudy (anonymous):

quarterly: n = 4

OpenStudy (anonymous):

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

OpenStudy (anonymous):

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

OpenStudy (anonymous):

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