Asked by Breanna
Using the compound interest formula
A = P (1+ ((r)/ (n)) ^nt
Find the amount of money in the account at the end of 10 years. (Show values substituted in the formula, and calculate the numerical amount.)
$18,000 is invested in an account paying 3% interest compounded quarterly.
A = P (1+ ((r)/ (n)) ^nt
Find the amount of money in the account at the end of 10 years. (Show values substituted in the formula, and calculate the numerical amount.)
$18,000 is invested in an account paying 3% interest compounded quarterly.
Answers
Answered by
drwls
A = 18,000*(1.0075)^40
If you don't have a calculator to do that, you can use Google:
http://www.google.com/search?source=ig&hl=en&rlz=&q=18%2C000*%281.0075%29%5E40&btnG=Google+Search&aq=f&oq=&aqi=
If you don't have a calculator to do that, you can use Google:
http://www.google.com/search?source=ig&hl=en&rlz=&q=18%2C000*%281.0075%29%5E40&btnG=Google+Search&aq=f&oq=&aqi=
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