SOLUTION: James has invested $8000 into an account paying 6% interest compounded quarterly. How much will he earn in interest if she leaves the money in the account for 10 years?
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: James has invested $8000 into an account paying 6% interest compounded quarterly. How much will he earn in interest if she leaves the money in the account for 10 years?
Log On
Question 1132024: James has invested $8000 into an account paying 6% interest compounded quarterly. How much will he earn in interest if she leaves the money in the account for 10 years? Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! The total amount she will have is a=ao(1+(r/n)^nt
a=8000(1+(.06/4))^40, the 40 the number of quarters in 10 years
=$14512.15
subtract $8000
interest is the remainder or $6512.15
