Find the final amount. $4000 invested at 11% APR compounded quarterly for 5 years The final amount is $ nothing. (Do not round until the final answer. Then round to the nearest hundredth as needed.

Solution:

The formula for compound interest, including principal sum, is:

Where,

A = the future value of the investment

P = the principal investment amount\

r = the annual interest rate in decimal

n = the number of times that interest is compounded per unit t

t = the time the money is invested

From given,

p = 4000

t = 5

n = 4 ( compounded quarterly )

Substituting the values in formula,

Thus the final amount is $ 6881.71

true

explanation: