2 years ago

Find the compound interest earned by the deposit of $1800 at 6% compounded quarterly for 6 years.

1 answer:

6 0

The equation for the problem is x(1+r)^t

X is the original deposit
R is the rate or percentage of growth
T is the time, in years

X=1800
R=.06
T= 6

F(x)=1800(1+.06)^6
=1800(1.06)^6
=1800(1.41852)
=2533.3344

The above is the future value of the money, to find out how much was gained by interest just subtract the original investment of 1800

2533.3344-1800=753.3344

So the answer is B

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