SOLUTION: Find the final amount for the given situation, Please someone help me with these 2 questions I have been stuck on them! 1.) $300 earning 4.5% interest compounded quarterly fo

Algebra ->  Finance -> SOLUTION: Find the final amount for the given situation, Please someone help me with these 2 questions I have been stuck on them! 1.) $300 earning 4.5% interest compounded quarterly fo      Log On


   

Question 939155: Find the final amount for the given situation,
Please someone help me with these 2 questions I have been stuck on them!

1.) $300 earning 4.5% interest compounded quarterly for 3 years.
_______________________
2.) $2000 earning 5.5% interest compounded daily for 3 years
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
In General for compounding Interest
A%28t%29+=+P%281%2Br%2Fn%29%5E%28nt%29
A = Accumulated Amount
P= principal =
r= annual rate = .
n= periods per year =
t= years =
1) A%283%29+=+P%281%2B.045%2F4%29%5E%284%2A3%29
2) A%283%29+=+P%281%2B+.055%2F365%29%5E%28365%2A3%29