Use the compound interest formula to find the compound amount on a $12,000 investment at 5% compounded quarterly for 4 years.
1 answer:
Total = Principal * [1 + (rate/n)]^n*years
Where "n" is the compounding periods per year
Total = 12,000 * (1+(.05/4))^(4*4)
Total = 12,000 * (1.0125)^(16)
Total = 12,000 * <span> <span> <span> 1.2198895477 </span> </span> </span> <span> </span>
Total = <span> <span> </span></span><span><span><span>14,638.67</span>
</span> </span>
Where "n" is the compounding periods per year
Total = 12,000 * (1+(.05/4))^(4*4)
Total = 12,000 * (1.0125)^(16)
Total = 12,000 * <span> <span> <span> 1.2198895477 </span> </span> </span> <span> </span>
Total = <span> <span> </span></span><span><span><span>14,638.67</span>
</span> </span>
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Answer:
A
Step-by-step explanation:
So we have the equation:
First, let's subtract 16 from both sides:
Now, let's divide both sides by 3:
Remember that with fractional exponents, we can move the denominator into the root position. Therefore:
Let's take the fourth root of both sides. Since we're taking an even root, make sure to have the plus-minus symbol!
Cube both sides. Since we're cubing, the plus-minus stays.
Add 4 to both sides.
Calculator:
So, our answer is A.
And we're done!