math,algebra

what is the correct formula to use for the following problem:

Find compound amount for the deposit.Round to the nearest hundredth
$11000 at 6% compunded quarterly for 2years.


the one that i am thinking of is:
a = p(1 + (r)/(m))^mt

so my a = 1100;r=0.06;t=2
so the interest = r/m = 0.06/4 = 0.015
n= (t)(m)=n=(2)(4)=8

1100=p(1+0.015)^8
p= (1100)/((1.015)^8)
p= $976.48 this would be my answer

You have the compound formula correct, eight periods.

Your calculations are a mess. Why did you divide? You are looking for amount, not principal.
a = p(1 + (r)/(m))^mt.

The amount will have to be greater than the principal. Note the principal is 11 thousand, not hundred.


sorry i wrote it wrong it should read 1100 and at 6% compound quarterly for 2yrs.

so the from the formula i get

$1239.14 for the amount am i correct

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