SOLUTION: A principal of $12,000 is invested in an account paying an annual interest rate of 6%. Find the amount in the account after 7 years if the account is compounded quarterly. Use A =

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Question 387905: A principal of $12,000 is invested in an account paying an annual interest rate of 6%. Find the amount in the account after 7 years if the account is compounded quarterly. Use A = P(1 + r/n)^(nt)
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
A=12000(1+0.06/4)^7*4
A=12000(1.015)^28
A=12000*1.517222
A=18,206.40