Solve these compound interest problems and round your answer to the nearest 100th.

1) Find the final amount for a $1200 investment at 2.5% interest compounded quarterly for 10 years.

$1,539.63

Step-by-step explanation:

You are going to want to use the compound interest formula, which is shown below.

P = initial balance

r = interest rate

n = number of times compounded annually

t = time

First, change 2.5% into its decimal form:

2.5% -> -> 0.025

Next, plug in the values into the equation:

The answer is $1,539.63

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step-by-step explanation:

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