Question

After 6 years, what is the total amount of a compound interest investment of $35,000 at 4% interest, compound quarterly?

Round to the nearest cent.

Answer 1

1.06^6 * 35000 = $49648.20
1.06 is the mutiplier.

Answer 2

A=P(1+r/100)^6
A=35000(1+1/100)^4×6
A=$44440.7127
A=$44441