Question

Find the amount in an account if $45,050 is invested at 7.001% compounded quarterly, for 12 years and 3 months.

Answer 1

`A=P(1+ (r)/(n))^(tr)`
a=future amount
p=present amount
r=rate in decimal
n=number off time per year compouonded
t=time in years

P=45,050
r=0.07001
n=4
t=1.25


`A=45,050(1+ (0.07001)/(4))^((1.25)(4))`

`A=45,050(1+ 0.0175025)^(5)`

`A=45,050(1.0175025)^(5)`
A=49132.8798
round
A=$49,132.88