Suppose that you invest $3,000 at 6% interest, compound quarterly, for 5 years. use Table 11-1 to calculate the compound interes
t (in $) on your investment.
1 answer:
Answer:
Year Year Interest Total Interest Balance
1 $184.09 $184.09 $3,184.09
2 $195.39 $379.48 $3,379.48
3 $207.38 $586.85 $3,586.85
4 $220.10 $806.96 $3,806.96
5 $233.61 $1,040.57 $4,040.57
Step-by-step explanation:
Base amount: $3,000.00
Interest Rate: 6% (yearly)
Effective Annual Rate: 6.14%
Calculation period: 5 years
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