Answer:
The formula for compound interest is given below as
[tex]\begin{gathered} A=P\left(1+\frac{r}{n}\right?^{nt} \\ P=money\text{ invested=\$360} \\ r=rate=4\% \\ n=number\text{ of times compounded=4} \\ t=time=18years \end{gathered}[/tex]By substituting the values, we will have
[tex]\begin{gathered} A=P\left(1+\frac{r}{n}\right?^{nt} \\ A=360\left(1+\frac{4}{400}\right?^{4\times18} \\ A=360\left(1.01\right)^{72} \\ A=360\times2.0471 \\ A=736.96 \end{gathered}[/tex]Hence,
The total amount accrued, principal plus interest, with compound interest on a principal of $360.00 at a rate of 4% per year compounded 4 times per year over 18 years is $736.96.
