SOLUTION: Use the​ compound-interest formula to find the account balance​ A, where P is​ principal, r is interest​ rate, n is number of compounding periods per​

Algebra ->  Finance -> SOLUTION: Use the​ compound-interest formula to find the account balance​ A, where P is​ principal, r is interest​ rate, n is number of compounding periods per​      Log On


   

Question 1039281: Use the​ compound-interest formula to find the account balance​ A, where P is​ principal, r is interest​ rate, n is number of compounding periods per​ year, t is​ time, in​ years, and A is account balance.
p= $56,092
r= 3 1/2 %
t= 6 1/2
compounded= quarterly
the account balance is ?
Answer by solver91311(24713) About Me  (Show Source):
You can put this solution on YOUR website!




where is the future value, is the present value or invested principal, is the decimal representation of the annualized interest rate, is the number of compounding periods per year, and is the number of years.

Plug in your numbers and do the arithmetic

John

My calculator said it, I believe it, that settles it