anonymous
  • anonymous
How much compound interest is earned on $4300 at 2.9% interest for 10 years, compounded quarterly? Give your answer in dollars and cents. Don’t forget to subtract P from A. Compound Interest
Mathematics
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anonymous
  • anonymous
How much compound interest is earned on $4300 at 2.9% interest for 10 years, compounded quarterly? Give your answer in dollars and cents. Don’t forget to subtract P from A. Compound Interest
Mathematics
katieb
  • katieb
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anonymous
  • anonymous
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wolf1728
  • wolf1728
Total Amount = Principal * (1 + rate/number cmpdg periods)^n*t Total Amount = 4,300 * (1 + .029/4)^4*10 Total Amount = 4,300 * (1.00725)^40 Total Amount = 4,300 * 1.3350300535 Total Amount = 5740.6292299865 Rounds to 5740.63 Calculator to test the answer: http://www.1728.org/compint.htm
anonymous
  • anonymous
im sorry but i dont get it :(

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wolf1728
  • wolf1728
Gee, I followed the formula you posted. Guess I'll explain some more.
wolf1728
  • wolf1728
The first thing is to calculate the quarterly compounded rate after 10 years compounding (1 + rate/4) ^ 4*10 do you understand that?
wolf1728
  • wolf1728
The rate is 2.9% but to use it in a formula we need to use it as .029
anonymous
  • anonymous
ohhh okay, i guess i just needed it broken down?
wolf1728
  • wolf1728
Total = Principal * (1 + .029/4) ^ 4 *10
anonymous
  • anonymous
and it equals 5740.63
wolf1728
  • wolf1728
Yes it does!
wolf1728
  • wolf1728
Do you see why we need to convert the 2.9 % to .029?
anonymous
  • anonymous
yes I do! thanks for explaining
wolf1728
  • wolf1728
okay You are welcome :-)

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