Question 248263: How much intrest is earned in 3 years on $3500.00 in an account paying 6% interest compounded quarterly Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! How much interest is earned in 3 years on $3500.00 in an account paying 6% interest compounded quarterly
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A(t) = P(1+(r/n))^(nt)
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A(t) = 3500(1+(0.06/4))^(4*3)
A(t) = 4184.66
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Interest earned is 4184.66-3500 = $684.66
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Cheers,
Stan H.
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