SOLUTION: find the amount that results from the investment $12,000 invested at 11% compounded quarterly after a period of 4 years. i get 18,216.84 but i dont think thats right. co

Algebra ->  Finance -> SOLUTION: find the amount that results from the investment $12,000 invested at 11% compounded quarterly after a period of 4 years. i get 18,216.84 but i dont think thats right. co      Log On


   

Question 622466: find the amount that results from the investment
$12,000 invested at 11% compounded quarterly after a period of 4 years.

i get 18,216.84 but i dont think thats right.
could you please help
Answer by babs1010(6) About Me  (Show Source):
You can put this solution on YOUR website!
Let A = Final Amount
Let P = Principle
Let r = Rate
Let t = Time
Let n = Interest periods per year

Given: P = $12000
Given: r = 11%
Given: n = 4
Given: t = 4 Years
Given: t = 4 Years

nt
A = P(1+r/n)
4*4
A = 12000(1+0.11/4)

16
A = 12,000(1+0.0275)

A = 12000 * 1.54351

A = $18,522.11