Question

An initial investment of $12,000 is appreciated for 8 years in an account that earns 12% interest, compounded quarterly. Find the amount of money in the account at the end of the period. I got 18,909.99. Is this right?

Answer 1

\[12000(1+\frac{.12}{4})^{32}\]

Answer 2

that is not what i got. i got 1649.93

Answer 3

let me try again

Answer 4

are you using a formula different from the one that i wrote?

Answer 5

i just did it using your formula and i got 30900.99, which is the correct answer