Answer:
$1489.35
General Formulas and Concepts;
Pre-Algebra
Order of Operations: BPEMDAS
- Brackets
- Parenthesis
- Exponents
- Multiplication
- Division
- Addition
- Subtraction
Algebra I
Compounded Interest Rate Formula: [tex]\displaystyle A = P(1 + \frac{r}{n})^{nt}[/tex]
- P is principle amount
- r is rate
- n is compounded rate
- t is time (in years)
Step-by-step explanation:
Step 1: Define
Identify variables
P = 1000
r = 10% = 0.1
n = 12
t = 4
Step 2: Solve for A
- Substitute in variables [Compounded Interest Rate Formula]: [tex]\displaystyle A = 1000(1 + \frac{0.1}{12})^{12(4)}[/tex]
- (Parenthesis) Add: [tex]\displaystyle A = 1000(\frac{121}{120})^{12(4)}[/tex]
- [Exponents] Multiply: [tex]\displaystyle A = 1000(\frac{121}{120})^{48}[/tex]
- Evaluate exponents: [tex]\displaystyle A = 1000(1.48935)[/tex]
- Multiply: [tex]\displaystyle A = 1489.35[/tex]
