Answer:
The equation is;
A = 9,000(1 + 0.047/4)^48
The value is
$15,767.28
Explanation:
Here we want to find the value of an investment after 12 years, given its interest rate;
Mathematically the amount which is the value would be;
A = I( 1 + r/n)^nt
Where A is the amount in 12 years
I is the initial amount invested = $3,000
r is the interest rate = 4.7% = 4.7/100 = 0.047
n is the number of times interest is compounded yearly = 4 since it is quarterly ( once every three months)
t is the number of years = 12
Substituting these values, we have
A = 9,000(1 + 0.047/4)^(12^4)
A = 9,000(1 + 0.047/4)^48
The above is the expression
A = 9,000(1 + 0.01175)^48
A = 9,000(1.01175)^48
A = $15,767.28