Question

your friend deposits $6,000in an investment account that earns 7.1% annual interest. Find the balance after 12 years when the interest is compounded quarterly.

I know the formula is a= p (1+ r/n)^nt

Answer 1

the answers are a. $13,665.48 B. $14,030.72 C.$14,065.98 D.$13,961.26

Answer 2

@zepdrix

Answer 3

@jdoe0001

Answer 4

What are you having trouble with?

Answer 5

Hello are you there?

Answer 6

i need to solve the problem

Answer 7

idk where to plug the numbers tho

Answer 8

No I mean you have the formula so what part of it are you having problems with

Answer 9

Ok hang on a sec

Answer 10

\(\qquad \textit{Compound Interest Earned Amount}\\
A=P\left(1+\frac{r}{n}\right)^{nt}
\qquad
\begin{cases}
A=\textit{current amount}\\
P=\textit{original amount deposited}\to &\$6,000\\
r=rate\to 7.1\%\to \frac{7.1}{100}\to &0.071\\
n=\textit{times it compounds per year}\to &4\\
t=years\to &12
\end{cases}\)

Answer 11

Thx jdoe

Answer 12

I think that sums it up

Answer 13

quarterly, means every quarter, there are 4 quarters for a whole, so the cycle or period is 4

Answer 14

but i did that and i ended up with like 5,000 which was not any of the answer choices

Answer 15

Can you show me what you did that way I can see were u went wrong?

Answer 16

one sec I'm trying it

Answer 17

k

Answer 18

okay i got it right this time thanks :)

Answer 19

Ok medal?

Answer 20

can you help with others

Answer 21

how many?

Answer 22

llike 5 but they are different types

Answer 23

do you have a snap chat so i can show you the problem?

Answer 24

No I dont sorry

Answer 25

If u have time to type them Il answer them tho.

Answer 26

okay i do :)

Answer 27

k

Answer 28

the next one is simplify the expression

Answer 29

k