Asked by frank
Suppose that $20000 is invested at 7% interest compounded annually. Find that amount of money in the account after 1 year?
need it broken down in algebra
need it broken down in algebra
Answers
Answered by
Steve
check your compound interest formula:
A = P(1+r/n)^(nt)
A = 20000 (1 + 0.07/1)^(1*1) = 1400
A = P(1+r/n)^(nt)
A = 20000 (1 + 0.07/1)^(1*1) = 1400
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