SOLUTION: determine the amount of interest earned if $500 is invested at an interest rate of 4.25% compounded quarterly for 12 years.

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Question 449625: determine the amount of interest earned if $500 is invested at an interest rate of 4.25% compounded quarterly for 12 years.
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
A=500(1+0.0425/4)^4*12
A=500(1.010625)^48
A=500*2.1678379
A=1083.92
1083.92-500=$583.92 interest