##### Math question Help needed

label Accounting
account_circle Unassigned
schedule 1 Day
account_balance_wallet \$5

I decided to put in bank \$1,000 a quarter for the next four years paying 12% interest compounded quarterly, How much will I have at end of 4th year rounded to nearest whole dollar?

Jun 17th, 2015

If you are going to keep \$1000

yearly 12%  = 1000 * 12/100

= 120

after 4 years the interest will be 120*4 = 480

so the total money = \$1000 + \$480

= \$1480

Jun 17th, 2015

this answer is not one of the mutiple choice given

Jun 17th, 2015

ok give me 5 minutes i will tell you

Jun 17th, 2015

I am putting \$1000 a quarter in the bank for the next 4 years

Jun 17th, 2015

so the bank is paying 12 % quarterly , So so for each four months you get \$120

in a year  3*120 = 360

for four years = 360*4 = 1440

the total money you get after 4 years by giving you 12% compound interest quarterly is  = 1000 + 1400 = \$2400

Jun 17th, 2015

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Jun 17th, 2015
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Jun 17th, 2015
Oct 19th, 2017
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