SOLUTION: A principal of $12,000 is invested in an account paying an annual interest rate of 10%. Find the amount in the account after 6 years if the account is compounded quarterly. (NO

Algebra ->  Equations -> SOLUTION: A principal of $12,000 is invested in an account paying an annual interest rate of 10%. Find the amount in the account after 6 years if the account is compounded quarterly. (NO      Log On


   

Question 395391: A principal of $12,000 is invested in an account
paying an annual interest rate of 10%. Find the
amount in the account after 6 years if the
account is compounded quarterly.
(NOTE: Use a comma if the dollar number is
more than 4 digits. Round to the nearest cent.
Please help.
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!


Hi



 A= p(1+r/n) ^nt 

 A=$12,000(1 + .1/4)^4*6

 A = $12,000(1.025)^24

 A = $21,704.71