Find the compound amount of 16100 for 4 years and 6 months and 10% compounded quarterly
1 answer:
Answer:
25110.51
Step-by-step explanation:
A = P(1 + r/n)^(nt)
A = final amount
P = initial principal balance
r = interest rate
n = number of times interest applied per time period
t = number of time periods elapsed
A = 16100(1+.1/4)^(4*4.5) = 25110.51
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