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28 April, 20:40

After 6 years, what is the total amount of a compound interest investment of $35,000 at 4% interest, compound quarterly?

Round to the nearest cent.

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Answers (2)
  1. 28 April, 20:50
    0
    1.06^6 * 35000 = $49648.20

    1.06 is the mutiplier.
  2. 28 April, 20:52
    0
    A=P (1+r/100) ^6

    A=35000 (1+1/100) ^4*6

    A=$44440.7127

    A=$44441
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