SOLUTION: Find the interest earned on these amounts for 1 year at 4% interest if interest is compounded quarterly. $600 $24,000 $180 $1,500

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Question 1179104: Find the interest earned on these amounts for 1 year at 4% interest if interest is compounded quarterly.
$600 $24,000 $180 $1,500
Answer by MathLover1(20850) About Me  (Show Source):
You can put this solution on YOUR website!

Find the interest earned on these amounts for 1 year at 4% interest if interest is compounded quarterly.

$600, $24000, $180, $1500

First, convert R as a percent to r+as a decimal

r+=+R%2F100
r+=+4%2F100
r+=+0.04 rate per year,
Then solve the equation for A
A+=+P%281+%2B+r%2Fn%29%5E%28nt%29...............if $P=600
A+=+600%281+%2B+0.04%2F4%29%5E%284%2A1%29%0D%0A%7B%7B%7BA+=+600%281+%2B+0.01%29%5E%284%29
A+=+624.36
P (principal) = $600
I (interest) = $24.36



A+=+P%281+%2B+r%2Fn%29%5E%28nt%29..............if $P=24000
A+=+24000%281+%2B+0.04%2F4%29%5E%284%2A1%29%0D%0A%7B%7B%7BA+=+24000%281+%2B+0.01%29%5E4
A+=+24974.49624
P (principal) = $24000
I (interest) = $974.50


A+=+P%281+%2B+r%2Fn%29%5E%28nt%29...............if $P=180
A+=+180%281+%2B+0.04%2F4%29%5E%284%2A1%29%0D%0A%7B%7B%7BA+=+180%281+%2B+0.01%29%5E%284%29
A+=+187.31
P (principal) = $180
I (interest) = $7.31


A+=+P%281+%2B+r%2Fn%29%5E%28nt%29...............if $P=1500
A+=+1500%281+%2B+0.04%2F4%29%5E%284%2A1%29%0D%0A%7B%7B%7BA+=+1500%281+%2B+0.01%29%5E%284%29
A+=+1560.91
P (principal) = $1500
I (interest) = $60.91