Ask Question
22 May, 14:52

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.

+2
Answers (1)
  1. 22 May, 17:42
    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
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Find the balance in an account with $4,250 principal earning 3% interest compounded quarterly after 12 years. Round your answer to the ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers