Answer:
$124.42.
Step-by-step explanation:
Given data
Principqp= $100
Rate= 5.5%
time=4 years
First, convert R as a percent to r as a decimal
r = R/100
r = 5.5/100
r = 0.055 rate per year,
Then solve the equation for A
A = P(1 + r/n)^nt // Since we are compounding quarterly
A = 100.00(1 + 0.055/4)(^4)(4)
A = 100.00(1 + 0.01375)^(16)
A = $124.42
Summary:
The total amount accrued, principal plus interest, with compound interest on a principal of $100.00 at a rate of 5.5% per year compounded 4 times per year over 4 years is $124.42.
