Find the compound amount for the deposit. Round to the nearest cent.
-$\$ 110,000$ at $1.41 \%$ compounded quarterly for 5 years.
A) $\$ 111,952.47$
B) $\$ 145,548.70$
C) $\$ 117,976.80$
D) $\$ 118,020.27$

Question

Quizplus · Accepted Answer

The compound amount is calculated using the formula $ A = P \left(1 + \frac{r}{n}\right)^{nt} $. Here, $ P = 110,000 $, $ r = 0.0141 $, $ n = 4 $, and $ t = 5 $. Plugging in these values, the compound amount is approximately $\$ 118,020.27$.

Find the Compound Amount for the Deposit $110,000\$ 110,000$110,000 At 1.41%1.41 \%1.41%

Find the Compound Amount for the Deposit $\$ 110,000$ At $1.41 \%$