Final answer:
To calculate the total amount in the account after 12 years, we can use the formula for compound interest.
Step-by-step explanation:
To calculate the total amount in the account after 12 years, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
where:
- A is the total amount in the account
- P is the principal amount (initial deposit)
- r is the annual interest rate as a decimal
- n is the number of times interest is compounded per year
- t is the number of years
Substituting the given values into the equation:
A = 650(1 + 0.0425/4)^(4*12)
Simplifying and calculating:
A ≈ $977.22
Therefore, the total amount in the account after 12 years would be approximately $977.22.