What Is $1000 Compounded Quarterly At 6% Per Year For One Year?
Answer:
The result is given by
1000*(1+6%/4)^4 = 1000*1.015^4 ≈ 1000*1.06136355 ≈ 1061.36
Compounding $1000 at 6% quarterly will result in a balance of $1061.36 at the end of 1 year.
Comment: You own provided the result of compounding 8% quarterly.
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