Respuesta :
Answer:
[tex] P=12000, r= 0.04, t=3[/tex]
And n=4 since the rate is compounded quarterly, so then replacing this info we got:
[tex] A = 12000 (1+ \frac{0.04}{4})^{4*3} = 13521.9[/tex]
So then Mario will have about $13521.9 after the 3 years with the rate of interest used.
Step-by-step explanation:
For this case we can use the formula for future value based on a compound interest given by:
[tex] A= P (1+ \frac{r}{n})^{nt}[/tex]
Where A represent the future value, P the present value or the inversion r is the rate of interest on fraction, n the number of times that the rate of interest is compounded in a year and t the number of years.
For this case we know this:
[tex] P=12000, r= 0.04, t=3[/tex]
And n=4 since the rate is compounded quarterly, so then replacing this info we got:
[tex] A = 12000 (1+ \frac{0.04}{4})^{4*3} = 13521.9[/tex]
So then Mario will have about $13521.9 after the 3 years with the rate of interest used.
