Asked by Alicia
Can someone check my answers please.
The formula for calculating the amount of money returned for an initial deposit into a bank account or CD (certificate of deposit) is given by
A=P(a+r/n)^nt
A is the amount of the return.
P is the principal amount initially deposited.
r is the annual interest rate (expressed as a decimal).
n is the number of compound periods in one year.
t is the number of years.
Carry all calculations to six decimals on each intermediate step, then round the final answer to the nearest cent.
Suppose you deposit $4,000 for 8 years at a rate of 7%.
Calculate the return (A) if the bank compounds annually (n = 1). Round your answer to the hundredth's place.
P=4000 A=(4000)(1+.07/1)^(1)(8)
r=.07 A=(4000)(1.07)^8
t=8 A=(4000)(1.71818)
n=1 A=$6,872.72
A=
The formula for calculating the amount of money returned for an initial deposit into a bank account or CD (certificate of deposit) is given by
A=P(a+r/n)^nt
A is the amount of the return.
P is the principal amount initially deposited.
r is the annual interest rate (expressed as a decimal).
n is the number of compound periods in one year.
t is the number of years.
Carry all calculations to six decimals on each intermediate step, then round the final answer to the nearest cent.
Suppose you deposit $4,000 for 8 years at a rate of 7%.
Calculate the return (A) if the bank compounds annually (n = 1). Round your answer to the hundredth's place.
P=4000 A=(4000)(1+.07/1)^(1)(8)
r=.07 A=(4000)(1.07)^8
t=8 A=(4000)(1.71818)
n=1 A=$6,872.72
A=
Answers
Answered by
Damon
looks good to me
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.