If Mario puts $12,000 in a bank account that pays 4% interest quarterly, how much will he have after 3 years?

And n=4 since the rate is compounded quarterly, so then replacing this info we got:

So then Mario will have about $13521.9 after the 3 years with the rate of interest used.

Step-by-step explanation:

For this case we can use the formula for future value based on a compound interest given by:

Where A represent the future value, P the present value or the inversion r is the rate of interest on fraction, n the number of times that the rate of interest is compounded in a year and t the number of years.

For this case we know this:

And n=4 since the rate is compounded quarterly, so then replacing this info we got:

So then Mario will have about $13521.9 after the 3 years with the rate of interest used.

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step-by-step explanation:

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