SOLUTION: What would be the amount of compound interest on $8000 invested for one year at 6%, compounded quarterly? Round your answer to the nearest dollar

Question 854739: What would be the amount of compound interest on $8000 invested for one year at 6%, compounded quarterly? Round your answer to the nearest dollar
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
What would be the amount of compound interest on $8000 invested for one year at 6%, compounded quarterly?
--------------
Int = P(1+(r/n))^(nt) - P
=====
Int = 8000(1+(0.06/4))^(4*1)-8000
-----
Int = $490.91 = $491 when rounded
=====================
Cheers,
Stan H.
=====================
RELATED QUESTIONS
final amount of the investment if $8000 invested at 6% compounded quarterly for 6... (answered by mananth)

Help 1. When interest is added to the principal and interest is again... (answered by stanbon)

find the compound interest on Rs.16000 for one year at 20 percent per annum, the interest (answered by Theo)

Compute the future value after one year for $100 invested at 4% interest compounded... (answered by Theo)

1. If you lend $3600 to a friend for 15 months at 10% annual simple interest, find the... (answered by stanbon)

I borrowed $400.00 for 1 year at 8% interest compounded quarterly. What is the compound... (answered by rfer)

Find the compound amount on deposit at the end of one year if 20,000.00 is deposited at... (answered by ewatrrr)

what is the amount of compound interest on 6,000.00 invested for two years at 9%... (answered by checkley77)

what would be the amount of compound intrest on a $6000 invested for two years at 9%... (answered by stanbon)