Find the amount that results from the given statement.

Question

$100 invested at 3% compounded quarterly after a period of 4 years. After 4 years, the investment results in $__ (Round to the nearest cent.

Answer 1

David,

You have posted a number of similar problems.  The formula is

A = P(1+r/n)^nt

 

A = final amount = unknown

P = 100

r = .03

n = 4

t = 4

 

A = 100(1+.03/4)⁴⁽⁴⁾

 

Just plug it into your calculator.  Good luck.