document.write( "Question 1124815: If a savings account of $⁢3300 is compounded monthly at 19.8% annual interest, how much will the account be worth in 56 months? Round your answer to the nearest cent. Note: 360 days in a year and 30 days in a month.\r
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Algebra.Com's Answer #741160 by Theo(13342)\"\" \"About 
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f = p * (1 + r) ^ n\r
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\n" ); document.write( "\n" ); document.write( "f is the future value
\n" ); document.write( "p is the present value
\n" ); document.write( "r is the interest rate per time period
\n" ); document.write( "n is the number of time periods.\r
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\n" ); document.write( "\n" ); document.write( "in your problem:\r
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\n" ); document.write( "\n" ); document.write( "p = 3300
\n" ); document.write( "f = what you want to find
\n" ); document.write( "r = 19.8% / 12 / 100 = .0165 per month
\n" ); document.write( "n = 56 months\r
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\n" ); document.write( "\n" ); document.write( "formula becomes f = 3300 * (1 + .0165) ^ 56\r
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\n" ); document.write( "\n" ); document.write( "solve for f to get f = 8251.395168.\r
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\n" ); document.write( "\n" ); document.write( "round to nearest cent to get 8251.40.\r
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