SOLUTION: Please help. Use the compound interest formulas A=P(1+r/n)^nt and A =P^ert to solve. Find the accumulated value of an investment of $17,000 at 12% compounded annually for 18 yea

Question 138770: Please help.
Use the compound interest formulas A=P(1+r/n)^nt and A =P^ert to solve. Find the accumulated value of an investment of $17,000 at 12% compounded annually for 18 years.
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
17,000(1+.12)^18
17,000(1.12)^18
17,000*7.69
130,729 ANSWER FOR THE COMPOUNDING ANNUALLY.
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I BELIEVE THIS CORRECT FORMULA IS [Pe^RT] WHERE e=2.718, R=ANNUAL RATE & T=NUMBER OF YEARS IS FOR A CONTINUOUS COMPOUNDING INVESTMENT.
17,000*2.7183^(.12*18)
17,000*2.7183^2.16
17,000*8.67
147,390 ANSWER.
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