Ben invests $19,500 at 12% interest compounded quarterly for 10 years. Calculate the compound amount for his investment.

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Ben invest $19,500 at 12% interest compound quarterly for 10 years. Calculate the compound amount for his investment

To calculate the compound amount for Ben's investment, you need to use the formula for compound interest:

A = P(1 + r/n)^(nt)

Where:
A = The compound amount (the final balance)
P = The principal amount (the initial investment)
r = The annual interest rate (in decimal form)
n = The number of times interest is compounded per year
t = The number of years the money is invested for

In this case:
P = $19,500
r = 12% or 0.12 (in decimal form)
n = 4 (compounded quarterly)
t = 10 years

Now let's substitute the values into the formula and calculate the compound amount:

A = $19,500(1 + 0.12/4)^(4*10)
A = $19,500(1 + 0.03)^40
A = $19,500(1.03)^40
A ≈ $19,500(1.432364654)
A ≈ $27,923.68

Therefore, the compound amount for Ben's investment after 10 years is approximately $27,923.68.

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