Math question Help needed

label Accounting
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

I decided to put in bank $1,000 a quarter for the next four years paying 12% interest compounded quarterly, How much will I have at end of 4th year rounded to nearest whole dollar?

Jun 17th, 2015

Thank you for the opportunity to help you with your question!

amount= p(1+r/n)^nt

=1000(1+0.12/3)^12

1000(1.04)^12

=$1601.0322

to the nearest whole dollar=$1601

Please let me know if you need any clarification. I'm always happy to answer your questions.
Jun 17th, 2015

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