SOLUTION: can someone help me with this problem please: Find the compound interest earned by the deposit. Round to the nearest cent. $1200 at 11% compounded quarterly for 6 years. a

Algebra ->  Equations -> SOLUTION: can someone help me with this problem please: Find the compound interest earned by the deposit. Round to the nearest cent. $1200 at 11% compounded quarterly for 6 years. a      Log On


   

Question 161710: can someone help me with this problem please:
Find the compound interest earned by the deposit. Round to the nearest cent.
$1200 at 11% compounded quarterly for 6 years.
a. $1101.15
b. $1412.12
c. $1044.50
d. $792.00
Answer by jojo14344(1513) About Me  (Show Source):
You can put this solution on YOUR website!

Remember: A=P%281%2Bi%2Fm%29%5Emn
where, system%28P=Principal%2CA=Future+Value%2C+i=interest%2Cm=NumberofTimesCompounded%29
Continuing,
A=1200%281%2B0.11%2F4%29%5E%286%2A4%29
A=1200%281.0275%29%5E24
A=1200%2A1.917626
A=2301.15
so, interest earned, A-P
2301.15-1200=1101.15
ANSWER (a)
Thank you,
Jojo