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3 years ago

8

Find the balance in an account with $4,250 principal earning 3% interest compounded quarterly after 12 years. Round your answer

to the nearest hundredth.

1 answer:

Marat540 [252]3 years ago

3 0

X = principle ( 1 + rate/compound rate) ^ years

x = 4250[1+(0.3/4)]^12
x = 4250(1+0.075)^12
x = 4250(1.075)^12
x = 4250(2.38178)
x = $10,122.23

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