SOLUTION: find how much interest $15,000 earned in 2 years in a certificate of deposit paying 9.5% interest compounded quarterly

SOLUTION: find how much interest $15,000 earned in 2 years in a certificate of deposit paying 9.5% interest compounded quarterly

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Question 500038: find how much interest $15,000 earned in 2 years in a certificate of deposit paying 9.5% interest compounded quarterly
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
A=P(1+0.095/4)^4*2
A=15000(1.02375)^8
A=15000*1.207
A=18098.50
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18098.50-15000=$3,098.50
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