Question 432879: final amount of the investment if $8000 invested at 6% compounded quarterly for 6 years Found 2 solutions by mananth, ikleyn:Answer by mananth(16949) (Show Source):
You can put this solution on YOUR website! Principal P = 8000
Amount= A
years=n 6
compounded 4 times a year
Rate = 6.00 0.02
Amount =P*((n+r)/n)^n
You can put this solution on YOUR website! .
final amount of the investment if $8000 invested at 6% compounded quarterly for 6 years
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The answer in the post by @mananth is correct, but his intermediate formulas are wrong.
Wrong formulas in his post can confuse a reader.
To avoid confusing, I place my solution here in the form as it SHOULD be presented.
Principal P = 8000
years=n 6
compounded 4 times a year
Rate = 6% which means that the effective rate is per quarter.
Future value =
Amount = = 11436.02 dollars.
ANSWER. Future value in 6 years is $11436.02.
Solved and presented correctly.
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Again, I placed this my solution here to OVERLAY wrong formulas in the post by @mananth.
