4000 principle earning 6% compounded annually after 5 years

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15-02-2018
Mathematics

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4000 principle earning 6% compounded annually after 5 years

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mathmate mathmate · Answer 1 · 2018-02-16T03:16:11+01:00

mathmate mathmate

16-02-2018

Principal, P= 4000
interest = 6%/4 = 0.015 (per quarter)
Number of periods, n = 5*4 =20 quarters

Compound interest formula:
Future value:
[tex]F=P(1+i)^n[/tex]
[tex]=4000(1+.015)^{20}[/tex]
[tex]F=5387.42[/tex] to the nearest cent.

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