SOLUTION: Compute the amount of compound interest earned in 1 year for an investment of $1,000,000 with a nominal interest rate of 8% compounded quarterly. (Points : 2.5)

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Question 827457: Compute the amount of compound interest earned in 1 year for an investment of $1,000,000 with a nominal interest rate of 8% compounded quarterly. (Points : 2.5)
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
FV=1000000(1+0.08/4)^4
FV=1000000(1.082432)
FV=$1,082,432.00