SOLUTION: Write a compound interest function to model each situation. Then find the balance after the given number of years. $12,000 invested at a rate of 6% compounded quarterly ; 15 ye

Algebra ->  Functions -> SOLUTION: Write a compound interest function to model each situation. Then find the balance after the given number of years. $12,000 invested at a rate of 6% compounded quarterly ; 15 ye      Log On


   

Question 876614: Write a compound interest function to model each situation.
Then find the balance after the given number of years.
$12,000 invested at a rate of 6% compounded quarterly ; 15 years.
show all work please ! thank you.
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi, Previously Posted

 In General 

A%28t%29+=+P%281%2Br%2Fn%29%5E%28nt%29

A = Accumulated Amount

P= principal = 12,000

r= annual rate = .06

n= periods per year = 4

t= years = 15

A%28t%29+=+12000%281.015%29%5E%2860%29