SOLUTION: FINANCE SUPPOSE THAT 7900 IS INVESTED AT 4.1% ANNUAL INTEREST RATE, COMPOUNDED MONTHLY. HOW MUCH MONEY WILL BE IN THE ACCOUNT IN A)11 MONTHS? B)18YRS?

SOLUTION: FINANCE SUPPOSE THAT 7900 IS INVESTED AT 4.1% ANNUAL INTEREST RATE, COMPOUNDED MONTHLY. HOW MUCH MONEY WILL BE IN THE ACCOUNT IN A)11 MONTHS? B)18YRS?

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Question 272131: FINANCE SUPPOSE THAT 7900 IS INVESTED AT 4.1% ANNUAL INTEREST RATE, COMPOUNDED MONTHLY. HOW MUCH MONEY WILL BE IN THE ACCOUNT IN A)11 MONTHS? B)18YRS?
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
A=P(1+r/n)^nt
A=7900(1+.041/12)^11*.92
A=7900(1.00342)^10.12
A=7900(1.0352)
A=$8178.00
----------------
A=7900(1.00342)^216
A=7900(2.09)
A=$16,511
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