Answer:
15448
Explanation:
Compounded Quarterly:
A=P\left(1+\frac{r}{n}\right)^{nt}
A=P(1+
n
r
)
nt
Compound interest formula
P=11000\hspace{35px}r=0.057\hspace{35px}t=6\hspace{35px}n=4
P=11000r=0.057t=6n=4
Given values
A=11000\left(1+\frac{0.057}{4}\right)^{4(6)}
A=11000(1+
4
0.057
)
4(6)
Plug in values
A=11000(1.01425)^{24}
A=11000(1.01425)
24
Simplify
A=15448.0290759
A=15448.0290759
Use calculator
Answer:
15448
Explanation:
A=11000(1.01425)^{24}
A=11000(1.01425)
24
