Question

If Ricky borrowed $4600 at a rate of 16% interest per year compounded quarterly, calculate the amount due at the end of 8 years if the interest is compounded quarterly.

Answer 1

...

Answer 2

...

Answer 3

help

Answer 4

p(1+rt)

Answer 5

$15137
$16137
$17137
$14137

Answer 6

a,b,c, or d

Answer 7

Assuming he's not making payments during the 8 years, you can use the compound interest formula.

http://www.mathwarehouse.com/compound-interest/images/formula-compound-interest.png

Answer 8

i did but didnt work

Answer 9

Can you show what you did

Answer 10

sure

Answer 11

A=4600(1+0.16/4)^4

Answer 12

The exponent needs to be n*t = 32

Answer 13

oh wait

Answer 14

i see the problem

Answer 15

i was adding instead of multiplying at the end...so the answer would be....

Answer 16

still dont know

Answer 17

i did the 32 thing i got

Answer 18

i got 16, 137

Answer 19

oh i did it thx

Answer 20

That's right.yw

Answer 21

i always forget a step

Answer 22

Yeah I think that's the only reason I'm good at math now. Always missing a step and driving myself crazy trying to find it. Lol

Answer 23

me2 i love math cause ur missing something and once u figure t out your like YES FINALLY almost like a video game