SOLUTION: Use the formula A = P (1 + r/n)^nt to find the total $ accumulated at the end of the indicated time period for the following investments: $1,150 for 11 years at 10% compounded qua

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Question 83748: Use the formula A = P (1 + r/n)^nt to find the total $ accumulated at the end of the indicated time period for the following investments:
$1,150 for 11 years at 10% compounded quarterly.
Answer by jim_thompson5910(35256) About Me  (Show Source):
You can put this solution on YOUR website!
Let p=1150, r=0.1, n=4, and t=11 and plug them into A=p%281%2Br%2Fn%29%5E%28n%2At%29

A=1150%281%2B0.1%2F4%29%5E%284%2A11%29 Start with the given expression
A=1150%281%2B0.025%29%5E%284%2A11%29 Divide 0.1 by 4 to get 0.025
A=1150%281%2B0.025%29%5E%2844%29 Multiply the exponents 4 and 11 to get 44
A=1150%281.025%29%5E%2844%29 Add 1 and 0.025 to get 1.025
A=1150%282.96380807696588%29 Raise 1.025 to the 44 th power to get 2.96380807696588
A=3408.37928851076 Multiply 1150 and 2.96380807696588 to get 3408.37928851076

So the return is $3408.37