SOLUTION: Can someone explain each step involved in figuring compound interest quarterly? I understand what each letter stands for and can plug the numbers into the formula. My problem c

Question 543692: Can someone explain each step involved in figuring compound interest quarterly?
I understand what each letter stands for and can plug the numbers into the formula. My problem comes when you get to the nt exponent. I do not understand that part of the problem.
For example: If you have $1500 earning 4.3% interest compounded quarterly, how much money will be there in 7 years?

Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
For example: If you have $1500 earning 4.3% interest compounded quarterly, how much money will be there in 7 years?
---------
7 years = 28 quarters
Interest rate = 4.3%/4 per quarter = 0.01075 per quarter
--------

=~ $2023.56
RELATED QUESTIONS
Can someone explain each step involved in figuring compound interest quarterly? I... (answered by stanbon)

I borrowed $400.00 for 1 year at 8% interest compounded quarterly. What is the compound... (answered by rfer)

I am hoping that someone can just give me the formula for figuring out a word problem... (answered by stanbon)

This is an open ended question but I am not sure how to even start this. The effect of (answered by stanbon)

I am in need of great assistance...calling on experts for this pitiful student. I don't... (answered by checkley75)

Kyla wants to save $8000 in 10 years she has three options determine the total amount... (answered by ankor@dixie-net.com)

These questions have really got me stumped! I dont understand some problems sometimes,... (answered by solver91311)

Each letter in this multiplication problem stands for a different digit and every letter... (answered by greenestamps)

Can you help me with this problem, please: Each letter in this addition problem stands... (answered by greenestamps)