Write a function that models her investment

Question

At the beginning of the 53rd week, Jessica decided to stop working and invest all her savings in a corporate bond. She has saved $10,046.80.The bond pays 9% interest compounded quarterly. Jessica decided to invest the money for a period of 2 years. Note that Jessica cannot withdraw money or sell the corporate bond before the end of the term.

Write a function that models her investment.

Answer 1

Interest formula

A = P [ 1 + ( r/p)]^( p•t)

A is amount you end up with

P is the amount you start with

r is the yearly interest rate

p is the number of times the money is compounded in one year

t is time in years

A = 10046.80 [ 1 + (.09/4)]^(4•2)

A = 10046.80 [ 1.0225 ]^8

A = 12004.23