Question

Find the amount in an account if $45,050 is invested at 7.001% compounded quarterly, for 12 years and 3 months.

Answer 1

$A=P(1+ \frac{r}{n})^{tr}$
a=future amount
p=present amount
r=rate in decimal
n=number off time per year compouonded
t=time in years

P=45,050
r=0.07001
n=4
t=1.25

$A=45,050(1+ \frac{0.07001}{4})^{(1.25)(4)}$
$A=45,050(1+ 0.0175025)^{5}$
$A=45,050(1.0175025)^{5}$
A=49132.8798
round
A=$49,132.88