Find the interest you will earn?

Question

Find the INTEREST you will earn on $6500 if you invest the money in a 30-month certificate of deposit earning 5% compounded quarterly. Round your answer to the nearest cent.

Question 9 answers

Answer 1

The interest earned is $1,820.54

Answer 2

at the end your deposit will be = 6500(1 + 0.05/4) ^10

                                                    = 7359.76

interest will be earn = 7359.76 - 6500 =859.76

Note : 2.5years(30 months) x 4 = 10

Answer 3

6 500 * ((1.05^(1 / 4))^((30 / 12) * 4)) = 7 343.22109

843.22 of interest.

The first poster compounded annually.

Answer 4

$7,359.77.