Everything you need for the formula is given.
A = 1000
r = .035
t = 5
n = 4
A=P(1+r/n)^nt
= 1000(1 + .035/4)^20
= ....
you do the button-pushing
Compound interest word problem.
Suppose JJ has $1000 that he invests in an account that pays 3.5% interest compounded quarterly. How much money does JJ have at the end of 5 years?
Formula:
A= The amount of money earned after a certain length of time.
P= The amount of money you start with, the principal.
r= The interest rate, in decimal.
t= The amount of time over which the interest is compounded.
n= The number of times the interest in compounded in one year.
A=P(1+r/n)^nt
How do I answer and show work with question, using the formula?
1 answer
1 answer