Posted by **Vesone** on Sunday, April 1, 2007 at 9:34pm.

I'm having trouble trying to figure this problem out, I know the variables of the problem but I don't seem to get the right answer here is the formula that i'm using: A = P (1 + r/n)^n * t. Here is the problem:

If Joe deposits $12,000 into an account that yields 3% annual interest, how much will be in the account after 5 years if interest is compounded: quarterly.

I get around 13,000 but the answer is for 14,000, can anyone tell me what I'm doing wrong?

12000*(1+.03/4)

^{20}= about 14000

## Answer This Question

## Related Questions

- AP Physic - Hi there I am having a lot of trouble trying to figure out this ...
- Physics...Help please - The problem is from fundamentals of physics 9th edition ...
- Algebra - I am having such a hard time in this class. Hopefully someone here can...
- Maths - Optimisation - I've been trying to work out this question for hours and ...
- AP Physic - Hi there I am having so much problems trying to solve this physic ...
- Chemistry - Trying to figure out this equation I did the first part but I am ...
- Chemistry - Trying to figure out this equation I did the first part but I am ...
- chemistry - Trying to figure out this equation I did the first part but I am ...
- 9th grade - I am having trouble trying to figure out how to work this problem: ...
- calculus - I am working on this problem and having some trouble. We're supposed ...

More Related Questions