Math question Help needed

Accounting
Tutor: None Selected Time limit: 1 Day

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

Thank you for the opportunity to help you with your question!

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

Please let me know if you need any clarification. I'm always happy to answer your questions.
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
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