Thread: Compound interest w/ fraction percentages?

I have no idea what formula to use for this problem - can anyone suggest help and how to compute the fractions? Any and all help is greatly appreciated!

Find the future value of $4300 at 6% compounded quarterly for 5 years.

I know I have to use the compound interest formula, but where/how do I plug in the numbers?

Thanks,
Ivy

Originally Posted by Ateives

I have no idea what formula to use for this problem - can anyone suggest help and how to compute the fractions? Any and all help is greatly appreciated!

Find the future value of $4300 at 6% compounded quarterly for 5 years.

I know I have to use the compound interest formula, but where/how do I plug in the numbers?

Thanks,
Ivy

• P = principal amount
• r = annual nominal interest rate
• k = number of times the interest is compounded per year
• t = number of years
• A = amount after time t