SOLUTION: Find the final amount of money in account if 7900 is the deposit at 3% interest compound quarterly every three months and the money is left for three years

Algebra ->  Finance -> SOLUTION: Find the final amount of money in account if 7900 is the deposit at 3% interest compound quarterly every three months and the money is left for three years      Log On


   

Question 1196868: Find the final amount of money in account if 7900 is the deposit at 3% interest compound quarterly every three months and the money is left for three years
Answer by MathLover1(20850) About Me  (Show Source):
You can put this solution on YOUR website!


A=P%281%2Br%2Fn%29%5E%28nt%29
Given Data:
Present value:
P=7900
Future value:
A=?
Rate of interest:
r=3%=0.03
Number of period per year; n=+4
years: t=3

A=7900%281%2B0.03%2F4%29%5E%284%2A3%29
A=7900%281.0075%29%5E12
A=7900%2A1.093806897671
A=8641.08