Math Problem Statement
Suppose that $14,000 is deposited for six years at 3% APR. Calculate the interest earned if interest is compounded quarterly. Round your answer to the nearest cent.
Solution
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Math Problem Analysis
Mathematical Concepts
Compound Interest
Exponential Growth
Formulas
A = P(1 + r/n)^(nt)
Theorems
Compound Interest Theorem
Suitable Grade Level
Grades 10-12
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