SOLUTION: Compute the amount of compound interest earned in 1 year for an investment of $1,000,000 with a nominal interest rate of 8% compounded quarterly.

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Compute the amount of compound interest earned in 1 year for an investment of $1,000,000 with a nominal interest rate of 8% compounded quarterly.       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 792872: Compute the amount of compound interest earned in 1 year for an investment of $1,000,000 with a nominal interest rate of 8% compounded quarterly.
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
A=1000000(1.02)^4
A=1000000(1.082432)
A=$1,082,432.00