Michelle M.

asked • 01/09/14

using the compound interest table, calculate the compound amount after 5 years for an investment of $7,700 at 6% interest compounded quarterly

I need the answer because I dont understand how to solve the problem

Steve S.

Although the formula along with a calculator is so much faster and more accurate, the question asks the student to use a compound interest table. The student's teacher probably has a plan.
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01/10/14

7 Answers By Expert Tutors

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Steve S. answered • 01/10/14

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5 (3)

Tutoring in Precalculus, Trig, and Differential Calculus

Parviz F.

Now, with calculator, there is no need for table.
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01/10/14

Tom D. answered • 01/09/14

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New to Wyzant

Very patient Math Expert who likes to teach

Michael F.

tutor
Fun Fact: Compounding approaches an exponential (F(0)e^(rt)) function as the compounding interval goes to zero (r is the decimal % and t is given in years)
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01/10/14

Tom D.

Thanks.  I switched mental gears from 'interval' to discrete-->continuous.  I type too fast ;-)
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01/10/14

Christopher D. answered • 01/09/14

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4.9 (375)

Mathematician, Computer Programmer, and Educator

Ebenezer O. answered • 01/09/14

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4.6 (13)

Aerospace Engr & Air Traffic Control Grad For General Ed. Tutoring

Parviz F.

Have not given, the quarterly compounding into consideration.
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01/10/14

Ebenezer O.

Just noticed that. Thanks
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01/10/14

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