ok walk me through this please: Find the accumulated amount at the end of 10 years for a principal of $4500 Compounded quarterly at a yearly interest rate of 3%.

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ok walk me through this please: Find the accumulated amount at the end of 10 years for a principal of $4500 Compounded quarterly at a yearly interest rate of 3%.

Mathematics
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formula is \[4500(1+\frac{.03}{4})^{4\times 10}\]
which formula is that exactly
clear what i put where and why?

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ok slowly. principle is 4500 interest is 3%=.03 number of compounding periods per year is 4 number of years is 10
.03 is the annual rate; but its determined 4 times a year so it gets divided by 4.
general formula is \[P(1+\frac{r}{n})^{ny}\]
A=P(1+r)^n
since the time span is now 4 times ayear; that means that for every year that goes by we have a factor of 4; so ^4t`
ok is that that formula R=Pi/1-(1+i)^-n
where r is the interest rate (as a decimal) P is the principle n is the number of compounding periods per year and Y is the number of years
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this is compounded quarterly so you use n = 4
i get \[4500(1+\frac{.03}{4})^{40}=6067.57\] rounded
ok ty
welcome

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