SOLUTION: {{{A(t)=P(1+r/n)^(nt)}}} A= the balance of the account P= the principal (beginning amount) r= the interest rate (percent as a decimal) n= # of times interest is compounded

Question 856378:
A= the balance of the account
P= the principal (beginning amount)
r= the interest rate (percent as a decimal)
n= # of times interest is compounded each year
t= # of years the account has been active.
Catherine opened an account at a bank and was offered to the chance to compound her account daily. She started her account with $1000 and has the interest rate, 6%.

What equation could model this ? Thanks for any help.
Answer by josgarithmetic(39617) (Show Source): You can put this solution on YOUR website!
You already have the equation which models the description. You wrote it in your first line. You would simply substitute the known, given values.
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