SOLUTION: If�x�dollars�is�deposited�every�four�weeks�(13�times�a�year)�into�an�account�paying�an annual�interest�rate�r,�expressed�in�decimal�form,�then�the�amount�An �in�the�account after�

Question 1115871: If�x�dollars�is�deposited�every�four�weeks�(13�times�a�year)�into�an�account�paying�an annual�interest�rate�r,�expressed�in�decimal�form,�then�the�amount�An �in�the�account after�n�years�can�be�approximated�by�the�formula�An =�x 1�+�r/13 13n�-�1 r/13 �.�If�$50�is deposited�every�four�weeks�into�an�account�paying�8%�interest,�approximate�the�amount in�the�account�after�8�years.

Answer by greenestamps(13200) (Show Source): You can put this solution on YOUR website!

It appears many of the characters you are using in the formula are not printing. The formula is

In your problem, n is the number of years, 8, and r is the annual interest rate, 8% = 0.08.

Plug the numbers into the formula and evaluate....

Depending on the type of calculator you are using, it might be very difficult to evaluate the formula with the given values of x, n, and r in a single step. I always recommend to students that they do the calculations one small step at a time, something like this:

(1) evaluate 1+r/13
(2) raise the answer to the power 13n
(3) subtract 1
(4) divide by (r/13)
(5) multiply by x
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