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Popular Word Problems >

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

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Solution

solve for thebalanceif12000isinvestedinanaccountpaying4.5%interestcompoundedquarterlyfor10years.

Solution

Amount:18772.52
Solution steps
Translate the problem into an equation:A=12000(1+40.045​)4⋅10
12000(1+40.045​)4⋅10=18772.52238…
Round to the nearest hundredth:18772.52
Amount:18772.52

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