SOLUTION: Suppose a certain manufacturer deposits $9,000 at the beginning of each 3 month period for 6 years in an account paying 8% interest compounded quarterly. (Round your answers to the

Algebra ->  Finance -> SOLUTION: Suppose a certain manufacturer deposits $9,000 at the beginning of each 3 month period for 6 years in an account paying 8% interest compounded quarterly. (Round your answers to the      Log On


   

Question 1172839: Suppose a certain manufacturer deposits $9,000 at the beginning of each 3 month period for 6 years in an account paying 8% interest compounded quarterly. (Round your answers to the nearest cent.)
How much (in $) will be in the account at the end of the 6 year period?
What is the total amount (in $) of interest earned in this account?
I was able to find how much the account will be in 6 years which is $279272.7
I'm not sure how to find the total amount of interest earned.
Answer by ikleyn(52781) About Me  (Show Source):
You can put this solution on YOUR website!
.

The manufacturer deposited,  actually,  9000*4*6 = 216000 dollars.

The difference between your number  $279272.7  and  $216000  is the interest earned in  6  years.