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Use the periodic compound interest formula to solve. Suppose that $12000 is invested at 3.6% compounded quarterly. Find the total amount of this investment after 10 years.
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Use the periodic compound interest formula to solve. Suppose that $12000 is invested at 3.6% compounded quarterly. Find the total amount of this investment after 10 years.

User Dany Pop
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1 Answer

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Answer:

$ 17172.28

Explanation:

Each period is 1/4 year ...in ten years there are 40 periods

Interest in decimal is .036 ..... per period this is .036/4 = .009

The FV = PV (1+i)^n FV = Future value PV = present value

FV = 12 000 ( 1 + .009)^40 =17172.28

User Nanofarad
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