SOLUTION: final amount of the investment if $8000 invested at 6% compounded quarterly for 6 years
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Question 432879: final amount of the investment if $8000 invested at 6% compounded quarterly for 6 years
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Principal P = 8000
Amount= A
years=n 6
compounded 4 times a year
Rate = 6.00 0.02
Amount =P*((n+r)/n)^n
Amount =8000*(1+0.02)^6*4
Amount =8000*(1 +0.02)^24
8000*(1.02)^24
Amount =$11436.02
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