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put this solution on YOUR website!This is a compound interest question. Thanks for any assistance.
An initial deposit of $1,000 earnes 9% interest, compounded monthly. How much will be in the account in 4.5 years.
Thanks again for your help.
FORMULA IS
A=P(1+R/N)^(NT)............WHERE
A = AMOUNT=?
P=PRINCIPAL=1000 $
R=RATE OF INTEREST PER YEAR IN FRACTION = 9%=9/100=0.09
N= NUMBER OF PERIODS OF COMPOUNDING IN 1 YEAR = 12
T = YEARS = 4.5
A=1000[1+0.09/12]^(12*4.5)= 1497.04 $
