SOLUTION: Use the formula A = P ( 1+r ) (nt) n A=P(1+r/n)^(n*t) to find the amount of money in an IRA accoun

Question 735864: Use the formula A = P ( 1+r ) (nt)
n
A=P(1+r/n)^(n*t)
to find the amount of money in an IRA
account after 48 years if $450 is
deposited into a savings account
at 4.75% interest per year but
compounded monthly, so n=12. This method is used by banks and
savings institutions.

Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
A=450(1+0.0475/12)^12*48
A=450(1.003958)^576
A=450(9.731)
A=$4378.95
RELATED QUESTIONS
A principal of $12,000 is invested in an account paying an annual interest rate of 6%.... (answered by rfer)

Suppose you deposit $1000 in an account with an annual interest rate of 10% compounded... (answered by Boreal)

My professor has taken the compound interest formula... {{{ A(t)=P(1+r/n)^nt }}} ...and (answered by jim_thompson5910)

if an investment of $ p earns interest at an annual rate r,and the interest is... (answered by lwsshak3)

Use the formula A = P \left(1 + \frac{r}{n}\right)^{nt} to find the total amount of money (answered by ewatrrr)

Please help me solve these two questions. 1. You deposit 3500 in an account that earns... (answered by rothauserc)

Bill places $10,000 in an investment account earning an annual rate of 5.1% compounded... (answered by texttutoring)

If I use this formula a=p(1+i/n)nt How do i caluclate the amount of money that will be (answered by Paul)

The formula to calculate interest and update balance is {{{A= P(1+(r/n))^nt}}}. A =... (answered by lwsshak3)