Respuesta :
[tex]A = P(1 + r/n)^{nt}[/tex]
P= 45000
R= 6%
N= 4x/year
T= 3 years
A= $53,802.82
P= $45,000.00
Interest Earned: $8,802.82
Answer:
$880.28
Step-by-step explanation:
We are asked to find the compound interest on an investment of $45,000 at 6% interest, compounded quarterly, for 3 years.
We will use compound interest formula.
[tex]A=P(1+\frac{r}{n})^{nT}[/tex], where,
A = Amount after T years,
P = Principal amount,
r = Annual interest rate in decimal form,
n = Number of times interest is compounded per year,
T = Time in years.
[tex]r=6\%=\frac{6}{100}=0.06[/tex]
[tex]A=\$4500(1+\frac{0.06}{4})^{4*3}[/tex]
[tex]A=\$4500(1+0.015)^{12}[/tex]
[tex]A=\$4500(1.015)^{12}[/tex]
[tex]A=\$4500*1.1956181714615353[/tex]
[tex]A=\$5380.2817715[/tex]
[tex]A\approx \$5380.28[/tex]
Interest would be final amount minus principal amount.
[tex]\text{Interest}=\$5380.28-\$4500[/tex]
[tex]\text{Interest}=\$880.28[/tex]
Therefore, the amount of interest after 3 years would be $880.28.
