SOLUTION: Phillip Burton's savings account has a balance of 1,531. After 3 years what will the amount of interest be at 3% compound quarterly?

Question 1131124: Phillip Burton's savings account has a balance of 1,531. After 3 years what will the amount of interest be at 3% compound quarterly?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Phillip Burton's savings account has a balance of 1,531. After 3 years what will the amount of interest be at 3% compound quarterly?
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I = P(1+(r/n))^(nt) - P
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Interest = 1531[(1+(0.03/4))^(4^3))-1] = 1531*0.09381 = $143.62
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Cheers,
Stan H.
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