SOLUTION: What is the interest for year 1 of $76,000 CD at 4% year, compounded quarterly.

SOLUTION: What is the interest for year 1 of $76,000 CD at 4% year, compounded quarterly.

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Question 647886: What is the interest for year 1 of $76,000 CD at 4% year, compounded quarterly.
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
A=P(1+0.04/4)^4
A=76000(1.0406)
A=79085.90
interest=$3085.90
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