SOLUTION: A $6000 deposit at an APR of 6.6% with quarterly compounding for 5 years. The amount after 5 years will be what?

Question 785074: A $6000 deposit at an APR of 6.6% with quarterly compounding for 5 years. The amount after 5 years will be what?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Find Amount
Principal P = 6000
Amount= A
years=n 5.00
compounded 4 times a year t
Rate = 6.60 0.07
Amount = P*((n+r)/n)^n*t

Amount = = 6000 *( 1 + 0.07 /t)^ 5 * 4
Amount = 6000 *( 1 + 0.02 )^ 20
6000 *( 1.02 )^ 20
Amount = 8323.36

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