Asked by e4rf

Trevor puts $7,011.00 into an account to use for school expenses. The account earns 11.2% interest, compounded quarterly. How much will be in the account after 5 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} = 7011(1 + 0.112/4)^{4·5} = 7011(1.028)^{20} ≈ 7011(1.7372498913) ≈ $12,179.86.