document.write( "Question 1175023: The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate.\r
\n" ); document.write( "\n" ); document.write( "Principal: $4500\r
\n" ); document.write( "\n" ); document.write( "Rate: 6.5%\r
\n" ); document.write( "\n" ); document.write( "Compounded: monthly \r
\n" ); document.write( "\n" ); document.write( "Time: 4 years \r
\n" ); document.write( "\n" ); document.write( "A. Find how much money there will be in the account after the given number of years.\r
\n" ); document.write( "\n" ); document.write( "B. Find the interest earned.
\n" ); document.write( "

Algebra.Com's Answer #800556 by MathLover1(20849)\"\" \"About 
You can put this solution on YOUR website!
\r
\n" ); document.write( "\n" ); document.write( " The formula for compound interest is :\r
\n" ); document.write( "\n" ); document.write( "\"A=P%281%2Br%2Fn%29%5E%28nt%29\"\r
\n" ); document.write( "\n" ); document.write( "given:\r
\n" ); document.write( "\n" ); document.write( "\"P=4500\"
\n" ); document.write( "\"R=6.5\"% =>\"r=0.065\"
\n" ); document.write( "\"n=12\" (monthly)
\n" ); document.write( "\"t=4\" years\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "A. Find how much money there will be in the account after the given number of years.\r
\n" ); document.write( "\n" ); document.write( "\"A=4500%281%2B0.065%2F12%29%5E%2812%2A4%29\"\r
\n" ); document.write( "\n" ); document.write( "\"A=4500%281%2B0.005416666666666667%29%5E48\"\r
\n" ); document.write( "\n" ); document.write( "\"A=4500%281.005416666666666667%29%5E48\"\r
\n" ); document.write( "\n" ); document.write( "\"A=4500%2A1.296020435413509416\"\r
\n" ); document.write( "\n" ); document.write( "\"A=5832.09\"\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "B. Find the interest earned.\r
\n" ); document.write( "\n" ); document.write( "\"I=A-P\"\r
\n" ); document.write( "\n" ); document.write( "\"I=5832.09-4500\"\r
\n" ); document.write( "\n" ); document.write( "\"I=1332.09\"\r
\n" ); document.write( "\n" ); document.write( "
\n" ); document.write( "
\n" );