If someone could make sure that my work is correct on this, I would be greatful:

Find the accumulated amount A if the principle P=$11,000 is invested at the rate of r=5% per year for t=5.5 years, compounded quarterly.
My work can be seen below...

Question

If someone could make sure that my work is correct on this, I would be greatful:

Find the accumulated amount A if the principle P=$11,000 is invested at the rate of r=5% per year for t=5.5 years, compounded quarterly.
My work can be seen below...

anonymous · Answer

ok, i used i=r/m formula to get i=.05/4=.0125 per qtr.  4 qtrs per year x 5.5 years gives me 22 total qtrs.
Plug that into A=P(1+rt)^n to get
A=11000(1+.0125)^22
A= $14,457.17