SOLUTION: Find how much interest $10,000 earns in 2 years in a certificate of deposit paying 7.5% interest compound quarterly
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Question 1189955: Find how much interest $10,000 earns in 2 years in a certificate of deposit paying 7.5% interest compound quarterly
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
r = R/100
r = 7.5/100
r = 0.075 rate per year,
Amount
A = P(1 + r/n)^nt
A = 10,000.00(1 + 0.075/4)^(4)(2)
A = 10,000.00(1 + 0.01875)^(8)
A = $11,602.22
A-P = Interest
$1602.22
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