document.write( "Question 1181590: Brad invests $3700 in an account paying 3% compounded monthly. How much is in the account after 8 months? \n" ); document.write( "
Algebra.Com's Answer #811494 by Theo(13342)\"\" \"About 
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formula to use is f = p * (1 + r) ^ n
\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( "your time periods will be in months.
\n" ); document.write( "n is equal to 8
\n" ); document.write( "r is equal to 3% / 12 = .25 / 100 = .025\r
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\n" ); document.write( "\n" ); document.write( "formula becomes f = 3700 * (1 + .0025) ^ 8
\n" ); document.write( "solve for f to get f = 3774.650748.
\n" ); document.write( "round to 3774.65.\r
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\n" ); document.write( "\n" ); document.write( "the formula uses the rate, not the percent rate.
\n" ); document.write( "that's why you had to divide by 100.
\n" ); document.write( "start with 3% and divide by 100 to get .03
\n" ); document.write( "divide that by 12 to get the monthly rate of .0025
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