document.write( "Question 710864: You deposit $1400 in an account that pays 6% interest compounded yearly how do you set up an equation for it \n" ); document.write( "

Algebra.Com's Answer #437237 by tutor_paul(519) $\"\"$ $\"About$

You can put this solution on YOUR website!
You need to know the \"Time Value of Money\" equation to do this.
\n" ); document.write( " $\"FV=PV%281%2Bi%29%5En\"$
\n" ); document.write( "Where:
\n" ); document.write( "FV=Future Value
\n" ); document.write( "PV=Present Value
\n" ); document.write( "i=interest rate
\n" ); document.write( "n=number of compounding periods
\n" ); document.write( "-----------------
\n" ); document.write( "For your problem, you did not indicate at what time you wanted to know how much money you have, so I can't solve it. But to set it up, the equation is:
\n" ); document.write( " $\"FV=1400%281%2B0.06%29%5En\"$
\n" ); document.write( "With this equation, you can figure out the future value for n compounding periods.
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\n" ); document.write( "Good Luck,
\n" ); document.write( "tutor_paul@yahoo.com
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