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4 August, 11:16

The APR of Antonio's savings account is 5.2%, and interest is compounded quarterly. If the principal in Antonio's savings account were $12,300 for an entire year, what would be the balance of his account after all the interest is paid for the year?

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  1. 4 August, 12:10
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    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!
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