For the Following Investment, Compute the Amount of Compound Interest

question 30

Short Answer

For the following investment, compute the amount of compound interest earned in one year and the annual percentage yield, rounding dollars to the nearest cent, and rate to the nearest hundredth: $$\begin{array} { l l l l l } & \text { Nominal } & \text { Interest } & \text { Compound Interest } & \text { Effective } \\\text { Principal } & \text { Rate } & \text { Compounded } & \text { Earnedin One Year } & \text { Rate } \\\$ 6,600 & 6 \% & \text { quarterly } &------ & ------\\\end{array}$$

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