SOLUTION: Find the accumulated amount A if the principal P = $11,000 is invested at the interest rate of r = 5% per year for t = 5.5 years, compounded quarterly.

SOLUTION: Find the accumulated amount A if the principal P = $11,000 is invested at the interest rate of r = 5% per year for t = 5.5 years, compounded quarterly.

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Question 676721: Find the accumulated amount A if the principal P = $11,000 is invested at the interest rate of r = 5% per year for t = 5.5 years, compounded quarterly.
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
A=11000(1+0.05/4)^4*5.5
A=11000(1.0125)^22
A=11000*1.31429=$14,457.00
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