The amount of an ordinary $7500.00 annuity for 3 years at 12 percent compounded quarterly is (1 point)

Question

The amount of an ordinary $7500.00 annuity for 3 years at 12 percent compounded quarterly is (1 point)

Answer 1

$7500.00[1+{(12/100)/4}]^4*3= $10,693.21

as the formula stands like A=P(1+rn)^nt where

A = Amount.

P= Principal

r=rate of interest expressed as percentage

n=number of times the interest is compounded in a year

t=total time