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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.

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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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.

User Awlad Liton
by
8.4k points

2 Answers

6 votes
1.06^6 * 35000 = $49648.20
1.06 is the mutiplier.
User Buqing
by
8.3k points
0 votes
A=P(1+r/100)^6
A=35000(1+1/100)^4×6
A=$44440.7127
A=$44441
User Meta Fan
by
8.0k points
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