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jenyasd209 [6]
1 year ago
11

If $300 is invested at a rate of 6% per year and is compounded quarterly, how much will the investment be worth in 12 years?

Mathematics
1 answer:
MAXImum [283]1 year ago
7 0

Answer:

$613.04

Step-by-step explanation:

<em>Compound Interest Formula:</em>

   A = P(1+\frac{r}{n})^{nt}

   n = number of compounds

   t = time

   r = interest rate

   P = principle amount (original amount)

   A = final amount

Since it's compounded quarterly, that means there will be 4 compounds per year, so n=4. The interest rate has to be converted to the decimal value, and this is done by simply dividing it by 100 to get r=0.06.

Plug Values into equation:

A = 300(1+\frac{0.06}{4})^{12*4}

Simplify inside parenthesis

A = 300(1.015)^{48}

Calculate exponent

A \approx 300(2.043478)

Multiply values

A \approx 613.04348

Round

A = 613.04

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