SOLUTION: Use the compound interest formula above to compute the interest earned on the investment.
$4800 for 1 year computed at 8% compounded quarterly
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Question 138383: Use the compound interest formula above to compute the interest earned on the investment.
$4800 for 1 year computed at 8% compounded quarterly
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
$4800 for 1 year computed at 8% compounded quarterly
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A(t) = p(1+(r/n))^(nt)
A(1) = 4800(1+(0.08/4))^(4*1)
A(1) = 4800(1.02)^4
A(1) = $5195.67
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Cheers,
Stan H.
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