Question

Find the compound amount for the deposit and the amount of interest earned. $7800 at 3% compounded quarterly for 2 years The compound amount after 2 years is $ (Do not round until the final answer. Then round to the nearest cent as needed.) The amount of interest earned is $ (Do not round until the final answer. Then round to the nearest cent as needed.)

          Find the compound amount for the deposit and the amount of interest earned.
$7800 at 3% compounded quarterly for 2 years
The compound amount after 2 years is $
(Do not round until the final answer. Then round to the nearest cent as needed.)
The amount of interest earned is $
(Do not round until the final answer. Then round to the nearest cent as needed.)

Find the compound amount for the deposit and the amount of interest earned.
7800 at 3% compounded quarterly for 2 years
The compound amount after 2 years is
(Do not round until the final answer. Then round to the nearest cent as needed.)
The amount of interest earned is (Do not round until the final answer. Then round to the nearest cent as needed.)

Added by Evan W.

Calculus: Early Transcendentals

James Stewart 8th Edition

Instant Answer

Solved by Expert Kathleen Carty

09/07/2023

Step 1

The formula for compound interest is: A = P(1 + r/n)^(nt) Where: A = the compound amount P = the principal amount (initial deposit) r = the annual interest rate (as a decimal) n = the number of times interest is compounded per year t = the number of years In Show more…

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Find the compound amount for the deposit and the amount of interest earned. $7800 at 3% compounded quarterly for 2 years. The compound amount after 2 years is $ (Do not round until the final answer. Then round to the nearest cent as needed.) The amount of interest earned is $ (Do not round until the final answer. Then round to the nearest cent as needed.)