Question

Calculate.

The amount to which $5,000 would grow in ten years at 6% compounded quarterly.

$ _____

Answer 1

5000 x (1 + 0.06/4)^(4*10)

5000 x (1.015^40)

5000 x 1.814018409 = 9070.09 total after 10 years

9070.09 - 5000 - 4070.09 in interest