SOLUTION: a=p(1+r/n)nt
I am trying to calculate the return(a) if the bank compunds quarterly(n=4) Round answer to nearest cent. I entered 2000*(1+0.08/4)^4*5=
Algebra.Com
Question 208074: a=p(1+r/n)nt
I am trying to calculate the return(a) if the bank compunds quarterly(n=4) Round answer to nearest cent. I entered 2000*(1+0.08/4)^4*5=
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
a=p(1+r/n)nt
I am trying to calculate the return(a) if the bank compunds quarterly(n=4) Round answer to nearest cent. I entered 2000*(1+0.08/4)^4*5=
Amt = $2000
Int = 8% per year
Quarterly for 5 years
--> 2000*(1+0.08/4)^4*5
= 2000*(1.02)^20 = 2000*1.48594...
= $2971.89
RELATED QUESTIONS
I am not sure if I am doing this problem the right way.
The formula for calculating the... (answered by rapaljer)
Help!! I know once you get a) you keep uping the power?
The formula for calculating... (answered by jim_thompson5910)
These questions have really got me stumped! I dont understand some problems sometimes,... (answered by solver91311)
I am in need of great assistance...calling on experts for this pitiful student. I don't... (answered by checkley75)
Please help not really understanding this problem: The formula for calculating the amount (answered by mducky2)
The volume of a cylinder (think about the volume of a can) is given by V = πr2h... (answered by ankor@dixie-net.com)
The formula for calculating the amount of money returned for an initial deposit into a... (answered by checkley77)
Can you help me? I need another question answered.
Suppose you deposit $10,000 for 2... (answered by stanbon)
Substitute A = 225,000, r/n= 0.0829/12, and nt = 120 into the equation and evaluate.... (answered by MathLover1)