Question

Find the amount given the following:Amount of each deposit:$10,200Deposited: quarterly Rate: 10%Time in years: 6

Answer 1

Given:

`\begin{gathered} P=\text{ \$10,200} \\ n=4\text{ (compounded quarterly)} \\ r=10\text{ \% = }(10)/(100)=0.1 \\ t=6 \end{gathered}`

To get the amount, we use the formula below;

`A=P(1+(r)/(n))^(nt)`

Substituting the values into the formula,

`\begin{gathered} A=10200(1+(0.1)/(4))^(4*6) \\ A=10200(1+0.025)^(24) \\ A=10200(1.025)^(24) \\ A=10200*1.025^(24) \\ A=18,449 \end{gathered}`

Therefore, the amount is $18,449.00