1. find the compound amount. round to the nearest cent. amount: $10,500 rate: 6% compounded: quarterly time (years): 5 a.)$14,142.03 b.)$14,051.42 c.)$11,311.44 d.)$11,287.50

Principal Amount = P = $10,500
Interest rate = r= 6% = 0.06
Time in years = t = 5
Compounding periods in a year = n = 4
Compounded Amount = A = ?

The formula for compound interest is:



Using the values, we get:



Option A gives the most closest value and hence is the correct answer.

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