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Find the balance if 12000 is invested in an account paying 4.5% interest compounded quarterly for 10 years.

Solution

Find the balance if 12000 is invested in an account paying 4.5% interest compounded quarterly for 10 years.

Solution

Amount : 18772.52

Solution steps

Translate the problem into an equation:

A = 12000 (1 + \frac{0.045}{4})^{4 \cdot 10}

12000 (1 + \frac{0.045}{4})^{4 \cdot 10} = 18772.52238 \dots

Round to the nearest hundredth:

18772.52

Amount : 18772.52

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