SOLUTION: A principal of $12,000 is invested in an account
paying an annual interest rate of 10%. Find the
amount in the account after 6 years if the
account is compounded quarterly.
(NO
Question 395391: A principal of $12,000 is invested in an account
paying an annual interest rate of 10%. Find the
amount in the account after 6 years if the
account is compounded quarterly.
(NOTE: Use a comma if the dollar number is
more than 4 digits. Round to the nearest cent.
Please help. Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!
Hi
A= p(1+r/n) ^nt
A=$12,000(1 + .1/4)^4*6
A = $12,000(1.025)^24
A = $21,704.71