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"After 6 years, what is the total amount of a compound interest investment of $35,000 at 4% interest, compounded quarterly?"
I tried to solve this question and I thought I did it right but my answer matched none of the multiplechoice answers I was given, so apparently I did something wrong.
 one year ago
 one year ago
"After 6 years, what is the total amount of a compound interest investment of $35,000 at 4% interest, compounded quarterly?" I tried to solve this question and I thought I did it right but my answer matched none of the multiplechoice answers I was given, so apparently I did something wrong.
 one year ago
 one year ago

This Question is Closed

TammisaurusRexBest ResponseYou've already chosen the best response.1
I think the formula I'm supposed to use is the Compound Interest Formula: \[A = P(1 + \frac{ r }{ n })^{nt}\] Where A = total, P = principal, t = time (years), r = annual interest rate, and n = number of compounds per year
 one year ago

TammisaurusRexBest ResponseYou've already chosen the best response.1
But every time I plug the values in I get 89,000 something, but my choices are as follows: A. $37,153.21 B. $39,438.88 C. $44,440.71 D. $56,295.30
 one year ago

amistre64Best ResponseYou've already chosen the best response.1
show me how you filled in the formula
 one year ago

TammisaurusRexBest ResponseYou've already chosen the best response.1
Oh wait!! I realize what I did wrong! Instead of plugging in r/n inside the parenthesis, I only plugged in r.
 one year ago

TammisaurusRexBest ResponseYou've already chosen the best response.1
Let me try it one more time and I'll see if it works.
 one year ago

amistre64Best ResponseYou've already chosen the best response.1
my idea was you didnt convert 4% correctly as .04 ... but that was just a guess
 one year ago

TammisaurusRexBest ResponseYou've already chosen the best response.1
I got it! Thank you for your help though (:
 one year ago

stampBest ResponseYou've already chosen the best response.0
C, 44,440 http://www.wolframalpha.com/input/?i=%2435000+%281%2B0.04%2F4%29^%284*6%29
 one year ago
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