Question

A deposit of $12,000 is made into a savings account which earns 4 3/5 % interest compounded quarterly. If no additional deposits or withdrawals are made, which amount is the total balance at the end of 3 years? A) $13,733.34 B) $13,754.19 C) $13,764.86 D) $13,772.07

Answer 1

$13,764.86

Explanation:

FV = PV × (1 + r/n)nt

FV = 12000 × (1 + 0.046/4)12 = 13764.86

where:

FV = Future Value

PV = Present Value

r = annual interest rate

n = number of periods

t = time in years

Answer 2

The Answer Is Going To Be B .