If $10,000 is invested at an annual rate of 11%, compounded quarterly, find the value of the investment after the given number of years. a) 5 years b) 10 years c) 15 years

Step-by-step explanation:

The amount formula in compound interest is:

where:

P = principal amount

r = annual interest

n = number of compounding periods

t = number of years

We already know that:

P = $10000

n = 4 (quarterly in a year)

a ) t = 5 years

b) t = 10 years

c) t = 15 years

the answer for this question is 38

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