Answer: 10,000(1.03)⁴ˣ
Step-by-step explanation:
A = P(1 + [tex]\frac{r}{n}[/tex])ⁿˣ
A is the amount (new balance): unknown
P is the principal (amount you started with): 10,000
r is the interest rate: 12% = .12
n is the number of times per year it is compounded: quarterly = 4
x is the number of years: x
A = 10,000(1 + [tex]\frac{.12}{4}[/tex])⁴ˣ
= 10,000(1 + .03)⁴ˣ
= 10,000(1.03)⁴ˣ
