SOLUTION: hi i am studying for my final and i would like to know something. this is the task: tamika invests \$3000 in a 5-yr cd that pays 5.35% interest compounded monthly. how much will

Algebra ->  Algebra  -> Rational-functions -> SOLUTION: hi i am studying for my final and i would like to know something. this is the task: tamika invests \$3000 in a 5-yr cd that pays 5.35% interest compounded monthly. how much will      Log On

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 Algebra: Rational Functions, analyzing and graphing Solvers Lessons Answers archive Quiz In Depth

 Question 150719: hi i am studying for my final and i would like to know something. this is the task: tamika invests \$3000 in a 5-yr cd that pays 5.35% interest compounded monthly. how much will she have in the acc. at the end of the 5 yr period? I used the formula A=P(1+r/n)nt so I got A = 3000(1+0.535/12)60 (that is an exponent) now, i first divided 0.535 by 12 and then +1 so I get 1.044583333... and i took that by 60 exponential. I get 13.69574101 on the answer sheet it is written like this: A=3000(1+0.535/12)60 3000(1.305916985) = 3917.75 how do i get the 1.3059...etc? how do i calculate the braces with the 60 exponential part? what i did was calculating the braces first and then take it exponential 60. Answer by stanbon(57250)   (Show Source): You can put this solution on YOUR website!tamika invests \$3000 in a 5-yr cd that pays 5.35% interest compounded monthly. how much will she have in the acc. at the end of the 5 yr period? I used the formula A=P(1+r/n)nt so I got A = 3000(1+0.535/12)60 (that is an exponent) now, i first divided 0.535 by 12 and then +1 so I get 1.044583333... and i took that by 60 exponential. I get 13.69574101 on the answer sheet it is written like this: A=3000(1+0.535/12)60 3000(1.305916985) = 3917.75 how do i get the 1.3059...etc? how do i calculate the braces with the 60 exponential part? what i did was calculating the braces first and then take it exponential 60. ---------------------- Your mistake is changing 5.35% to 0.535. You should have 5.35% = 0.0535 ---------------------- After that your procedure is correct. ---------------------- Cheers, Stan H.