The APR of Antonio's savings account is 5.2%, and interest is compounded quarterly. If the principal in Antonio's savings account were $12,300 for an entire year, what would be the balance of his account after all the interest is paid for the year?
Hi there The formula of compound interest is A=p (1+r/k)^kn A future value? P present value 12300 R interest rate 0.052 K compounded quarterly 4 N time 1 year So A=12,300×(1+0.052÷4)^(4×1) A=12,952.18
