Question

principal is $936 5.5% annual interest rate. compounded quarterly for 1 year

what is the compound interest?

Answer 1

The formula for compound interest growth is
A=P×(1+r/100)^t
Where
A= end amount
P= principle amount
r= rate
t= time in years
Plug your numbers into the formula:
A=936×(1+(5.5/100))^1
A=$987.48
So the end amount is $987.48