document.write( "Question 1035114: If $400 is invested at 3% compounded monthly, what is the
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Algebra.Com's Answer #649740 by Edwin McCravy(20060) $\"\"$ $\"About$

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If $400 is invested at 3% compounded monthly, what is the
\n" ); document.write( "interest earned after:
\n" ); document.write( "4 years interest earned=
\n" ); document.write( "5 years interest earned=
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document.write( "First we find what $400 will have grown to by using the\r\n" );
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document.write( "where \r\n" );
document.write( "P = the beginning amount = 400\r\n" );
document.write( "r = the percentage interest expressed as a decimal = 0.03\r\n" );
document.write( "n = the number of times per year interest is accumulated = 12\r\n" );
document.write( "t = the number of years that have passed since the money was invested = 4\r\n" );
document.write( "in the first part of the problem and 5 in the second.\r\n" );
document.write( "A = the amount the $P will have grown to after n years.\r\n" );
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document.write( "So substitute those in the formula and calculate A. \r\n" );
document.write( "Then subtract P from A to find out how must interest\r\n" );
document.write( "was added over those 4 or 5 years.\r\n" );
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document.write( "Edwin

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