SOLUTION: $3000 at 7% annual interest compounded quarterly for 3 years

SOLUTION: $3000 at 7% annual interest compounded quarterly for 3 years

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Question 612178: $3000 at 7% annual interest compounded quarterly for 3 years
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
$3000 at 7% annual interest compounded quarterly for 3 years
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A(t) = P(1+(r/n))^(nt)
----
A(3) = 3000(1+(0.07/4))^(4*3)
A(3) = 3000(1.0175)^12
----
A(3) = $3694.32
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Cheers,
Stan H.
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