10,000 is compounded quarterly at 12% interest for t years, what expression represents the amount of money after t years

Mathematics

1 answer:

Murljashka [212]3 years ago

3 0

Answer: 10,000(1.03)⁴ˣ

Step-by-step explanation:

A = P(1 + $\frac{r}{n}$ )ⁿˣ

A is the amount (new balance): unknown

P is the principal (amount you started with): 10,000

r is the interest rate: 12% = .12

n is the number of times per year it is compounded: quarterly = 4

x is the number of years: x

A = 10,000(1 + $\frac{.12}{4}$ )⁴ˣ

= 10,000(1 + .03)⁴ˣ

= 10,000(1.03)⁴ˣ

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