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14 June, 03:42

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.

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  1. 14 June, 07:30
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    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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