SOLUTION: Find how much interest $15,000 earns in 4 years in a certificate of deposit paying 8.5% interest compounded quarterly.

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Question 620535: Find how much interest $15,000 earns in 4 years in a certificate of deposit paying 8.5% interest compounded quarterly.
Found 2 solutions by ewatrrr, lynnlo:
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi,

In General A+=+P%281%2Br%2Fn%29%5E%28nt%29

A = Accumulated Amount

P= principal = 15,000

r= annual rate = .085

n= periods per year = 4

t= years = 4 

A+=+15000%281%2B.085%2F4%29%5E%284%2A4%29

A+=+15000%281.02125%29%5E%2816%29

Answer by lynnlo(4176) About Me  (Show Source):