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.

Algebra ->  Customizable Word Problem Solvers  -> Finance -> 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.      Log On

 

Hi,

 In General 

A = Accumulated Amount

P= principal = 

r= annual rate = .

n= periods per year = 

t= years =

 = $2898.28  (rounded to nearest cent)