SOLUTION: Compute the amount of compound interest earned in 1 year for an investment of $1,000,000 with a nominal interest rate of 8% compounded quarterly.

SOLUTION: Compute the amount of compound interest earned in 1 year for an investment of $1,000,000 with a nominal interest rate of 8% compounded quarterly.

Algebra.Com

Question 792872: Compute the amount of compound interest earned in 1 year for an investment of $1,000,000 with a nominal interest rate of 8% compounded quarterly.
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
A=1000000(1.02)^4
A=1000000(1.082432)
A=$1,082,432.00
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