The amount of an ordinary $9000.00 annuity for 3 years at 12 percent compounded quarterly is _______? Show Work

Answer:A = $12831.8Step-by-step explanation:We know that the formula for compound interest is given by:[tex]A=P(\frac{1+r}{n} )^{nt}[/tex]where [tex]A[/tex] is unknown which is the amount of investment with interest,[tex]P=9000[/tex] which is the initial amount,[tex]r=12/100=0.12[/tex] is the interest rate,[tex]n=4[/tex] which is the number of compoundings a year; and[tex]t=3[/tex] which is the number of times that interest is compounded per unit t.So substituting these values in the above formula to find A:[tex]A=P(\frac{1+r}{n} )^{nt}[/tex][tex]A=9000(\frac{1+0.12}{4} )^{(4.3)}[/tex][tex]A = 9000(1 + 0.03)^{12}[/tex]A = $12831.8