The APR of Antonio's savings account is 5.2%, and interest is compounded quarterly. If the principal in Antonio's savings accoun

Question

Nadusha1986 [10]

3 years ago

15

The APR of Antonio's savings account is 5.2%, and interest is compounded quarterly. If the principal in Antonio's savings accoun

t were $12,300 for an entire year, what would be the balance of his account after all the interest is paid for the year?

Mathematics

2 answers:

WARRIOR [948] · Answer 1 · 2022-01-30T13:42:59+03:00

WARRIOR [948]3 years ago

7 0

Hi there
The formula of compound interest is
A=p (1+r/k)^kn
A future value?
P present value 12300
R interest rate 0.052
K compounded quarterly 4
N time 1 year
So
A=12,300×(1+0.052÷4)^(4×1)
A=12,952.18

Good luck!

yuradex [85] · Answer 2 · 2022-01-30T15:46:54+03:00

yuradex [85]3 years ago

4 0

Answer:

12,952.18 is verified answer for apex

Step-by-step explanation: