SOLUTION: Please help me solve this problem: How much interest does a $10,000 investment earn at 6% over 15 years compounded quarterly?

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Question 414307: Please help me solve this problem:
How much interest does a $10,000 investment earn at 6% over 15 years compounded quarterly?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!


Hi

Note: A= P(1+r/n) ^nt  OR I + P = P(1+r/n) AND I =P[(1+ r/n)^nt - 1] 

 I = $10,000[(1+ .06/4)^4*15 - 1] = $10,000[(1.015^60 - 1] = $14,432.20



CHECKING our Answer***

 A= P(1+r/n) ^nt

 $24,432.20 = 10,000(1.015)^60