Question

Find the balance in an account with $4,250 principal earning 3% interest compounded quarterly after 12 years. Round your answer to the nearest hundredth.

Answer 1

x = principle ( 1 + rate/compound rate) ^ years

x = 4250[1+(0.3/4)]^12
x = 4250(1+0.075)^12
x = 4250(1.075)^12
x = 4250(2.38178)
x = $10,122.23