document.write( "Question 935653: Suppose you deposit $10,000 into a savings account with 3.5% compound interest compounded each month. Find the account balance in 50 years. Round the answer to the nearest thousand dollars. \n" ); document.write( "

Algebra.Com's Answer #568912 by TimothyLamb(4379) $\"\"$ $\"About$

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compound-interest formula:
\n" ); document.write( "v = p( 1 + (r/n) )^(nt)
\n" ); document.write( "where:
\n" ); document.write( "v = final value
\n" ); document.write( "p = initial (principal) value
\n" ); document.write( "r = interest rate (as a decimal)
\n" ); document.write( "n = number of compounding periods per year
\n" ); document.write( "t = number of years
\n" ); document.write( "---
\n" ); document.write( "v = 10000( 1 + (0.035/12) )^(12*50)
\n" ); document.write( "v = 57399.66
\n" ); document.write( "---
\n" ); document.write( "answer:
\n" ); document.write( "the account balance in 50 years = 57399.66 ...
\n" ); document.write( "rounding to nearest thousand dollars, 57000
\n" ); document.write( "---
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