SOLUTION: Find the compound interest: Principal $2,100; Rate 16%; Compounded Quarterly; Time 5.5 years.

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Question 813903: Find the compound interest: Principal $2,100; Rate 16%; Compounded Quarterly; Time 5.5 years.
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi,

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

A = Accumulated Amount

P= principal = 2100

r= annual rate = .16

n= periods per year = 4

t= years = 5.5

A+=+2100%281%2B.04%29%5E%284%2A%285.5%29%29