Question

Ramon needs to have $7230 in 12 years. How much money should he deposit in his account if he earns 3.25% interest compounded 4 times per year?

Answer 1

I believe this is \[7230=x*1,0325^{12*4}\].

12*4 because every year it's compounded 4 times (if my english is correct :p)
and 1,0325 because it increases with 3,25% (-> \[(100+3,25)/100)
\]

Answer 2

Thank You(:

Answer 3

\[7230=A _{0}(1+\frac{.0325}{4})^{4(12)}\]