document.write( "Question 1061517: If you could show your steps as to how you get this answer, that'd be so great! Thank you.\r
\n" );
document.write( "\n" );
document.write( "You invest $1,300 in an account that has an annual interest rate of 5%, compounded annually. How much money will be in the account after 10 years? Round your answer to the nearest whole number. \n" );
document.write( "
Algebra.Com's Answer #676284 by addingup(3677)![]() ![]() You can put this solution on YOUR website! You have to apply the compound interest formula: \n" ); document.write( "initial Capital(1+rate/n)^(n*time) = Amount The n does not apply to this problem, n is the number of compounding periods in a year. For example, if your compounded monthly, n = 12; if it compounded quarterly n= 4. In your case n = 0 so we don't have to concern ourselves with it. But remember, because you may have to use it solving another problem. \n" ); document.write( ": \n" ); document.write( "in this problem: \n" ); document.write( "1,300(1+0.05)^10 \n" ); document.write( "1,300(1.05)^10 \n" ); document.write( "1,300*1.629 = 2,117.52, and rounded to the nearest: 2,118. \n" ); document.write( ": \n" ); document.write( "John \n" ); document.write( " |