Question

Using the chart, find the total amount and amount of interest paid in the following compound interest problems. $3,000 at 8% for 5 years.

Answer 1

Annually: Total Amount $4,407.98, Interest Amount $1,407.98

Semi Annually: Total Amount $4,440.73, Interest Amount $1,440.73

Quarterly: Total Amount $4,457.84, Interest Amount $1,457.84