document.write( "Question 365169: If $5000 is invested at 7.8% interest compound monthly, how much would you have after 54 months? \n" ); document.write( "

Algebra.Com's Answer #260380 by Edwin McCravy(20060) $\"\"$ $\"About$

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If $5000 is invested at 7.8% interest compound monthly, how much would you have after 54 months?
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document.write( "A = final amount                          <--(What we're looking for)\r\n" );
document.write( "P = beginning abount                      <--($5000) \r\n" );
document.write( "r = interest rate expressed as a decimal  <--(.078)                    \r\n" );
document.write( "n = number of times compounded per year   <--(12, since it's monthly) \r\n" );
document.write( "t = number of years                       <--(4.5 years, since 54÷12 = 4.5}\r\n" );
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document.write( "Get a calculator.  Do it all at once, or in steps like this: \r\n" );
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document.write( "and get 7094.374044, which means\r\n" );
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document.write( "$7094.37\r\n" );
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document.write( "Edwin

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