SOLUTION: investment of 4000 in 3 months with interest of 6.1 what was the earned amount?
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Question 234505: investment of 4000 in 3 months with interest of 6.1 what was the earned amount?
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
P=(1+r/n)^t/n
Where P=principle, r=rate (in decimal form),n=number of periods per year. t=number of years.
4,000(1+.061/4)^1/4
4,000(1+.01525)^.25
4,000(1.01525)^.25
4,000*1.00379=$4,015.16 ans.
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