SOLUTION: find the balance in an account with $4,250 principal earning 3% interest compound quarterly after 12 years. Round your answer to the nearest hundredth. Please show steps.
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-> SOLUTION: find the balance in an account with $4,250 principal earning 3% interest compound quarterly after 12 years. Round your answer to the nearest hundredth. Please show steps.
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Question 1109489: find the balance in an account with $4,250 principal earning 3% interest compound quarterly after 12 years. Round your answer to the nearest hundredth. Please show steps. Answer by Alan3354(69443) (Show Source):
You can put this solution on YOUR website! find the balance in an account with $4,250 principal earning 3% interest compound quarterly after 12 years.
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Bal = 4250*(1 + Int)^t
t = 12*4 = 48 quarters
Int = interest per period = 3%/4 = 0.0075
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Use a calculator.
