Homework Answers
Answer is d) $18,061.11
Explanation:
TO find future vale we use the below formula
A=P(1+r/n)Power(n*t)
Where, A = Future Value
P = principal or amount of money deposited,
r = annual interest rate
n = number of times compounded per year
t = time in years
In the given question we have,
P=$10000 , r=12% , n=4 and t=5 years
After plugging the given information we have
Future Value =$10000(1+0.12/4)Power 4*5=10000*1.806111=$18061.11
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