Use the compound interest formula to compute the total amount accumulated and the interest earned. $3000 for 4 years at 6% compounded quarterly The total amount accumulated after 4 years is $?

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Answer 1 · 2018-05-01T03:45:41

#$3806.96#

Given: Principal #= $3000#, #" "t= 4# years;
#" "r = 6/100 = .06#, #" "n = 4# quarterly

#A = P(1 + r/n)^(nt)#

#A = 3000(1 +.06/4)^(4(4))#

#A = 3000 (1.015)^16 ~~ $3806.96#

Use the compound interest formula to compute the total amount accumulated and the interest earned. ​$3000 for 4 years at 6​% compounded quarterly The total amount accumulated after 4 years is ​$?