Quick double check please.
Suppose that $2000 is loaned at a rate of 15% , compounded quarterly. Assuming that no payments are made, find the amount owed after 9 years. Do NOT round any intermediate computations and round your answer to the nearest cent.

I solved this problem using the compound interest formula below:
A=P(1+interest/period)^nbr of periods.
A=amount accumulated
P=amount loaned=$2000
Interest per period=.15/4=.0375
Number of periods = 9*4=36
A=2000(1+.0375)^36
=2000(1.0375)^36
=$7,526.65
ans: The amount owed after 9 years = $7,526.65

Question

Quick double check please. 
Suppose that $2000 is loaned at a rate of 15% , compounded quarterly. Assuming that no payments are made, find the amount owed after 9 years. Do NOT round any intermediate computations and round your answer to the nearest cent.

I solved this problem using the compound interest formula below:
A=P(1+interest/period)^nbr of periods. 
A=amount accumulated
P=amount loaned=$2000
Interest per period=.15/4=.0375
Number of periods = 9*4=36 
A=2000(1+.0375)^36
=2000(1.0375)^36
=$7,526.65 
ans: The amount owed after 9 years = $7,526.65

stamp · Answer

$$A=P(1+r/n)^{nt}$$ r = 0.15 P = 2000 t = 9 n = 4 $$A=2000(1+0.15/4)^{4*9}$$ A = http://www.wolframalpha.com/input/?i=%242000%281%2B0.15%2F4%29^%2836%29

anonymous · Answer

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