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Alex17521 [72]
3 years ago
13

1200$ invested at a rate of 3.5% compounded quarterly; 4 years

Mathematics
1 answer:
Tju [1.3M]3 years ago
4 0

Step-by-step explanation:

<em>1st year</em>:

(1200 x 3.5 x 1) ÷ 100 = $42

<em>2nd year:</em>

(1242 x 3.5 x 1) ÷ 100= $43.47

<em>3rd year:</em>

(1285.47 x 3.5 x 1) ÷ 100= $44.99≈ $45

<em>4th year:</em>

(1330.47 x 3.5 x 1) ÷ 100= $46.56

Compound interest:

$(42 + 43.47 + 45 + 46.56)

=<u>$ 177.03</u>

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