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Popular Word Problems >

If 12, 000 is invested at 14% interest compounded quarterly, find the interest earned in 12 years.

Solution

I f ​12, 000 i s in v es t e d a t 14​% in t eres t co m p o u n d e d q u a r t er l y ​, f in d t h e in t eres t e a r n e d in 12 ye a rs .

Solution

Interest : 50563.07

Solution steps

Translate the problem into an equation:

62563.06776 \dots = 12000 + I

Solve for

I, 62563.06776 \dots = 12000 + I : I = 50563.07

Interest : 50563.07

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