Question

The amount of an ordinary $9000.00 annuity for 3 years at 12 percent compounded quarterly is _______?

Answer 1

$9000.00[1+{(12/100)/4}]4*3= $1112.40

-

"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"