SOLUTION: An initial investment of $12,000i is appreciated for 9 years in an account that earns 7% interest, compounded quarterly. Find the amount of money in the account at the end of the p
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Question 1171327: An initial investment of $12,000i is appreciated for 9 years in an account that earns 7% interest, compounded quarterly. Find the amount of money in the account at the end of the period Answer by greenestamps(13200) (Show Source):
P is the initial principal ($12,000)
A is the amount at the end of the given time
r is the (annual) percentage rate (7%, i.e., 0.07)
n is the number of compounding periods per year (4, since the compounding is quarterly)
t is the time in years (9)
