SOLUTION: Please solve. My numbers don't seem right. Find the compound for the deposit. $400.00 at 6% compounded quarterly for 5 years. Thank you very much.

Question 976337: Please solve. My numbers don't seem right. Find the compound for the deposit. $400.00 at 6% compounded quarterly for 5 years.
Thank you very much.
Answer by lwsshak3(11628) (Show Source): You can put this solution on YOUR website!
Please solve. My numbers don't seem right. Find the compound for the deposit. $400.00 at 6% compounded quarterly for 5 years.
**
Compound Interest formula: A=P(1+i/n)^nt, P=initial investment, i=interest rate, n=number of compounding periods per year, A=amt after t years
For given problem:
P=400
i=.06/4=
n=4
..
A=400(1+.06/4)^4*5
A=400(1.015)^20
A=538.74
After 4 years, the initial investment of $400 will grow to $538.74

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