SOLUTION: 1430 at 8% compounded by quarterly for 5 years

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: 1430 at 8% compounded by quarterly for 5 years      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 954435: 1430 at 8% compounded by quarterly for 5 years
Found 2 solutions by Alan3354, hemu_da:
Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
1430 at 8% compounded by quarterly for 5 years
-----------
5 yrs = 20 quarters
8%/yr = 2% per quarter
-----
--> 1430*(1.02)^20

Answer by hemu_da(13) About Me  (Show Source):
You can put this solution on YOUR website!
Compound sum = P%281%2B%28r%2Fn%29%29%5Ent
Where-->
.
p= premium
r= rate in %
n= time division (n=1 means yearly, n=2 means half yearly, n=4 means quarterly......)
t= time period
.
Putting all values--
compound sum= 1430%281%2B%288%2F%284%28100%29%29%29%29%5E20

.
.
Compound sum = 2124.9042
.
And compound interest = 694.9042
.
Ans.....