Solve the problem.
-Austin invested $12,000 in an account at 11% compounded quarterly. Find the amount in Austin's account after a period of 3 years.
A) $4617.41
B) $16,172.66
C) $16,411.57
D) $16,617.41

Question

Quizplus · Accepted Answer

The formula for compound interest is A = P(1 + r/n)^(nt), where P is the principal amount ($12,000), r is the annual interest rate (0.11), n is the number of times interest is compounded per year (4), and t is the number of years (3). Plugging in these values gives A = 12000(1 + 0.11/4)^(4*3) = $16,617.41.

Solve the Problem. -Austin Invested $12,000 in an Account at 11% Compounded Quarterly