SOLUTION: Use the formula A = P \left(1 + \frac{r}{n}\right)^{nt} to find the total amount of money accumulated for an initial investment \$1{,}000 at 12% compounded quarterly after 9 years.

Question 859217: Use the formula A = P \left(1 + \frac{r}{n}\right)^{nt} to find the total amount of money accumulated for an initial investment \$1{,}000 at 12% compounded quarterly after 9 years.
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!

 

Hi,

 In General 

A = Accumulated Amount

P= principal = 

r= annual rate = .

n= periods per year = 

t= years =

 = $2898.28  (rounded to nearest cent)

 

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