Use the periodic compound interest formula to solve. Suppose that $12000 is invested at 3.6% compounded quarterly. Find the tota
l amount of this investment after 10 years.
1 answer:
Answer:
$ 17172.28
Step-by-step explanation:
Each period is 1/4 year ...in ten years there are 40 periods
Interest in decimal is .036 ..... per period this is .036/4 = .009
The FV = PV (1+i)^n FV = Future value PV = present value
FV = 12 000 ( 1 + .009)^40 =17172.28
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