Solve the problem.
-Find the amount in a savings account at the end of 4 years if the amount originally deposited (the principal)is $5000 and the interest rate is 6.5% compounded quarterly.
The formula for the final amount isal amount is $\mathrm { A } = \mathrm { P } \left( 1 + \frac { \mathrm { r } } { \mathrm { n } } \right) ^ { \mathrm { nt } }$
A)$6471.11
B)$5333.01
C)$7118.22
D)$81,300.00

Question

Quizplus · Accepted Answer

Using the compound interest formula $A = P\left(1 + \frac{r}{n}\right)^{nt}$, where $P = 5000$, $r = 0.065$, $n = 4$, and $t = 4$, we calculate the amount $A$ as follows: $A = 5000\left(1 + \frac{0.065}{4}\right)^{4*4}$, which equals approximately $6471.11.

Solve the Problem A=P(1+rn)nt\mathrm { A } = \mathrm { P } \left( 1 + \frac { \mathrm { r } } { \mathrm { n } } \right) ^ { \mathrm { nt } }A=P(1+nr​)nt

Solve the Problem $\mathrm { A } = \mathrm { P } \left( 1 + \frac { \mathrm { r } } { \mathrm { n } } \right) ^ { \mathrm { nt } }$