SOLUTION: Find how much interest $25,000 earns in 4 years in a certificate of deposit paying 4.5% interest compounded quarterly.
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Question 987593: Find how much interest $25,000 earns in 4 years in a certificate of deposit paying 4.5% interest compounded quarterly.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
The future value, 
, of an investment of 
, at a rate of 
expressed as a decimal, compounded 
times per year for 
years is given by:
^{nt})
The amount of interest earned is then
Just plug in your numbers and do the arithmetic.
John
My calculator said it, I believe it, that settles it
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