# SOLUTION: If \$4000 is borrowed at a rate of 16% interest per year, compounded quarterly, find the amount due at the end of 6 years. Thank you

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 Click here to see ALL problems on Miscellaneous Word Problems Question 47661This question is from textbook College Algebra : If \$4000 is borrowed at a rate of 16% interest per year, compounded quarterly, find the amount due at the end of 6 years. Thank youThis question is from textbook College Algebra Found 2 solutions by venugopalramana, Nate:Answer by venugopalramana(3286)   (Show Source): You can put this solution on YOUR website!If \$4000 is borrowed at a rate of 16% interest per year, compounded quarterly, find the amount due at the end of 6 years. A=P(1+R/100N)^NT.......P=4000 \$.......T=6 YEARS.....R=16%......N=4 A=4000(1+16/400)^(4*6)=10253.22 Answer by Nate(3500)   (Show Source): You can put this solution on YOUR website!P(A) = A(1 + r/n)^(tn) P(A) = 4000(1 + 0.16/4)^(24) P(A) = 4000(1.04)^24 = 10,253.22