SOLUTION: IF DON INVESTS 3000 AT 8% INTREST COMPOUNDED QUARTERLY, FIND THE AMOUNT AFTER 4 YEARS
Algebra.Com
Question 1102661: IF DON INVESTS 3000 AT 8% INTREST COMPOUNDED QUARTERLY, FIND THE AMOUNT AFTER 4 YEARS
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
Compound interest formula used here
P=Po(1+r/n)^nt, r is rate, n is number of compoundings in a year, t is the number of years
P=3000(1+0.08/4)^16
P=3000*1.02^16=$4118.36 ANSWER
RELATED QUESTIONS
If Don Gecewicz invests $3000 at 8% interest compounded quarterly,... (answered by Boreal)
IF DON INVESTS $6000 AT 9% INTREST COMPOUNDED QUATERLY, FIND THE AMOUNT AFTER 7... (answered by snoreaylil,math_helper)
If Don Gecewicz invests $4000 at 5% interest compounded quarterly, find the amount after... (answered by Alan3354)
If don Gecewicz invests $6000 at 7% interest compounded quarterly, find the amount after... (answered by Alan3354)
Find the amount after 4 years if $800 is invested at 8% compounded:
a) Annually... (answered by Boreal)
what is the APY of this investment, 3000 invested at 6% intrest compounded quarterly?... (answered by rfer)
If $7,000 is invested at 4% compounded quarterly, what is the amount after 8 years?... (answered by ikleyn)
Brianna invests $4,000, at 8% interest, compounded quarterly for 11 years. Calculate the... (answered by Boreal)
Kelly invests $3000 in an account that earns 12% interest per year. Find the amount due... (answered by Boreal,Alan3354)