Question

Find the compound amount$12,500 at 8% compounded quarterly for 5 years

Answer 1

Given

The principle $12,500 is compounded at 8% quarterly for 5 years.

To find the compounded amount.

Now,

The amount is given by the formula,

`A=P(1+(r)/(100))^(4t)_{}`

Since Principle P= $12,500, r= 8% and t= 5 years.

Then,