A. Find how much money there will be in the account after the given number of years. P=$5500 r=8% or 0.08 t=3 years n=4 (quarterly) Using the following equation: A=P(1+r/n)nt A= 5500(1+0.08/4)4(3) This is where I get stuck, my calculations are off and I don't know why.. A=5500(1.08/4)12 A=5500(0.27)12 I cannot figure out why my calculations are off at this point, please help me understand what I am doing incorrectly.

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section5.2: Exponential Functions
Problem 49E
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A. Find how much money there will be in the account after the given number of years.

P=$5500

r=8% or 0.08

t=3 years

n=4 (quarterly)

Using the following equation:

A=P(1+r/n)nt

A= 5500(1+0.08/4)4(3)

This is where I get stuck, my calculations are off and I don't know why..

A=5500(1.08/4)12

A=5500(0.27)12

I cannot figure out why my calculations are off at this point, please help me understand what I am doing incorrectly.

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