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  1. 11-13-2012 #1
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    Compounding interest help.

    Jimmy loans bobby $12,000. Bobby plans to repay jimmy at the end of 7 years with a 6% interest compounded quarterly. How much will jimmy receive at the end of 7 years?

    I do know how to do this by breaking it up into periods. 28 periods.
    Then doing the problem 28 times to get the final answer. I was wondering if there was a faster way?
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    Compounding interest help.
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