SOLUTION: What would be the amount of compound interest on $8000 invested for one year at 6%, compounded quarterly? Round your answer to the nearest dollar

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Question 854739: What would be the amount of compound interest on $8000 invested for one year at 6%, compounded quarterly? Round your answer to the nearest dollar
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
What would be the amount of compound interest on $8000 invested for one year at 6%, compounded quarterly?
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Int = P(1+(r/n))^(nt) - P
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Int = 8000(1+(0.06/4))^(4*1)-8000
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Int = $490.91 = $491 when rounded
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Cheers,
Stan H.
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