Question

Find the compound amount for the deposit and the amount of interest earned. $6200 at 3% compounded quarterly for 9 years The
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Answer #1
Future value FV= PV * (1+rs/m)^mN
Present value PV=                                   6,200
Stated rate of interest rs= 3.00%
Number of years N= 9
Frequency of compounding per year m= 4
Future value FV= 6200 *(1+ 0.03/4)^(9*4)
FV=                         8,113.6013

Compound amount after nine years is $8,113.60

Interest earned = 1,913.60

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