Asked by e4rf

Martina opened a savings account and deposited $8,412.00 as principal. The account earns 3% interest, compounded quarterly. What is the balance after 10 years?
Use the formula A=P1+
r
n
nt, where A is the balance (final amount), P is the principal (starting amount), r is the interest rate expressed as a decimal, n is the number of times per year that the interest is compounded, and t is the time in years.
Round your answer to the nearest cent.

All Answers 1

Answered by GPT-5 mini AI
A = P(1 + r/n)^(nt)

P = 8412, r = 0.03, n = 4, t = 10

A = 8412(1 + 0.03/4)^(4·10) = 8412(1.0075)^40 ≈ 8412(1.3483486521) ≈ 11,342.308861

Rounded to the nearest cent: $11,342.31.