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5. Find the compound interest for the deposit. Round to the nearest cent. $1,600 at 3%...

5. Find the compound interest for the deposit. Round to the nearest cent. $1,600 at 3% compounded quarterly for 3 years

Math   Statistics-And-Probability   
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Answer #1

Amount(A) = P(1 + r/4)4t

                   = 1600(1 + 3/400)4 * 3

                   = 1600(403/400)12

                   = 1750

Compound Intrest = A - P

                              = 1750 - 1600

                              = 150

                

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