SOLUTION: Right now, Japanese seems a lot easier...I don't even know where to be begin. I have homework under logarithms and this is one of the problems...I don't know if this even has to be
Question 769064: Right now, Japanese seems a lot easier...I don't even know where to be begin. I have homework under logarithms and this is one of the problems...I don't know if this even has to be in log form...
Question: If $5000 is invested at a rate of 5.5%, compounded monthly, how much will the investment be worth after 6 years?
Could it be something like: 5000+5.5(6)=??? Answer by Edwin McCravy(20065) (Show Source): You can put this solution on YOUR website! If $5000 is invested at a rate of 5.5%, compounded monthly, how much will the investment be worth after 6 years
It's just "plug and chug"
P = $5000
r = 5.5% = 0.055
n = 12 (monthly compounding, 12 months a year)
t = number of years.
A = ?????
A = P(1 + )nt
Plugging:
A = 5000(1 + )(12·6)
Once you do all that calculation you get:
$6949.60
Edwin