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Find the value of an investment of 1200 in an account that earns 3% annual interest compounded quarterly after 4years.

Solution

Find the value of an investment of 1200 in an account that earns 3% annual interest compounded quarterly after 4years.

Solution

Amount : 1352.39

Solution steps

Translate the problem into an equation:

A = 1200 (1 + \frac{0.03}{4})^{4 \cdot 4}

1200 (1 + \frac{0.03}{4})^{4 \cdot 4} = 1352.39053 \dots

Round to the nearest hundredth:

1352.39

Amount : 1352.39

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