SOLUTION: $15,000.00 for 10 years compounded at 10% quarterly results in how many periods?

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Question 206655: $15,000.00 for 10 years compounded at 10% quarterly results in how many periods?
Found 2 solutions by Alan3354, checkley77:
Answer by Alan3354(30993) About Me  (Show Source):
You can put this solution on YOUR website!
$15,000.00 for 10 years compounded at 10% quarterly results in how many periods?
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Quarterly = once per quarter. Quarter is 1/4 of a year.
--> 40 periods.
The 10% is per year, so the interest rate per quarter is 2.5% = 0.025.
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FV = $15000*(1+0.025)^40
= $40275.96

Answer by checkley77(12569) About Me  (Show Source):
You can put this solution on YOUR website!
15,000(1+.10/4)^4*10
15,000(1+.025)^40
15,000(1.025)^40
15,000*2.685=$40,275.96 total investment for 40 periods.