SOLUTION: Can someone explain each step involved in figuring compound interest quarterly?
I understand what each letter stands for and can plug the numbers into the formula. My problem c
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-> SOLUTION: Can someone explain each step involved in figuring compound interest quarterly?
I understand what each letter stands for and can plug the numbers into the formula. My problem c
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Question 543692: Can someone explain each step involved in figuring compound interest quarterly?
I understand what each letter stands for and can plug the numbers into the formula. My problem comes when you get to the nt exponent. I do not understand that part of the problem.
For example: If you have $1500 earning 4.3% interest compounded quarterly, how much money will be there in 7 years?
You can put this solution on YOUR website! For example: If you have $1500 earning 4.3% interest compounded quarterly, how much money will be there in 7 years?
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7 years = 28 quarters
Interest rate = 4.3%/4 per quarter = 0.01075 per quarter
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=~ $2023.56
