How much compound interest is earned on $3500 at 3.6% interest for 7 years, compounded quarterly? Give your answer in dollars and cents. Don’t forget to subtract P from A.

Compound Interest

Question

How much compound interest is earned on $3500 at 3.6% interest for 7 years, compounded quarterly? Give your answer in dollars and cents. Don’t forget to subtract P from A.
 
Compound Interest

animalover02 · Answer

@jupitersring01

animalover02 · Answer

@welshfella

welshfella · Answer

the interest will be 3.6 / 4 = 0.9% quarterly and number of payments over 7 years = 7*4 = 28

A = 35001 + 0.009)^28

welshfella · Answer

Subtract 3500 form the value of A to get the interest paid.

animalover02 · Answer

i have 10 sec. left please just give me the answer

welshfella · Answer

i cant give answers 
you can do it quickly using ur calc

animalover02 · Answer

35001-3500=31501<----correct? final answer<----

welshfella · Answer

3500*1.009^28

animalover02 · Answer

what is the 28 for?

animalover02 · Answer

so times 28?

welshfella · Answer

thats the power to which 1.009 is taken

use the ^ key on your calc

animalover02 · Answer

not on my cac.

welshfella · Answer

No it means 1.009 multiplied by itself 28 times

animalover02 · Answer

so 1.009 multiplied by 28 is my final answer?

welshfella · Answer

u need a scientific calc There's one on your PC or laptop

animalover02 · Answer

so 1.009^28 will be my final answer?

welshfella · Answer

n0 A comes to 3500 * 1.009 * 1.009 * 1.009........  (28 times)

animalover02 · Answer

ok ill see what i get

welshfella · Answer

then take P (3500) from A

animalover02 · Answer

i cant do it im keep getting off trac so ill just get someone elses help

welshfella · Answer

havent you got a calculator on your PC?

animalover02 · Answer

no

welshfella · Answer

just google calculator

welshfella · Answer

Hold on

welshfella · Answer

https://www.google.co.uk/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=calculator%20online Now enter 3500 X 1.009 EXP 28

welshfella · Answer

Sorry  i'll do thet again

3500 X 1.009 xy 28 = 

The xy button is next to EXP

animalover02 · Answer

i dont understand so i do 3500times1.009times 28?

animalover02 · Answer

please do for me i cant

animalover02 · Answer

wait nvmd your not allowed

welshfella · Answer

No after the 1.009 you press the button next to EXP 
It looks like

|dw:1458148701649:dw|

welshfella · Answer

can you see it?

animalover02 · Answer

no

welshfella · Answer

Its on the bottom line - just to the right of the EXP button

welshfella · Answer

|dw:1458148925298:dw|

animalover02 · Answer

im gonna just get it wrong i dont have time for ths and mom needs me so i need answer from you or i will guess

animalover02 · Answer

bye

welshfella · Answer

bye