Briana invests $3,500,at 12% interest,compounded quarterly for 1 year.Manually calculate the compound interest for this investment.

Question

solomonzelman · Answer

https://qrc.depaul.edu/StudyGuide2009/Notes/Savings%20Accounts/Compound%20Interest.htm

wolf1728 · Answer

It would be 3,500 * (1+ (.12/4))^4 (the 4 is due to quarterly compounding) 3,500* (1.12550881) = 3,939.280835 and rounding 3,939.28 Calculator to check the answer http://www.1728.org/compint.htm

wolf1728 · Answer

I visited the depaul link posted above by SolomonZelman If you want to see a formula with a worked out example, click here: http://www.1728.org/compint3.htm