Answer:
$5,909.50
Step-by-step explanation:
First, convert R as a percent to r as a decimal
r = R/100
r = 4.2/100
r = 0.042 rate per year,
Then solve the equation for A
A = P(1 + r/n)nt
A = 5,000.00(1 + 0.042/4)(4)(4)
A = 5,000.00(1 + 0.0105)(16)
A = $5,909.50
Summary:
The total amount accrued, principal plus interest, with compound interest on a principal of $5,000.00 at a rate of 4.2% per year compounded 4 times per year over 4 years is $5,909.50.
