SOLUTION: Use the formula A=P(1+r/n)^nt to find the total amount of money accumulated at the end of the indicated time period for the following investment. (Objective 2. Round your answer to

Algebra ->  Polynomials-and-rational-expressions -> SOLUTION: Use the formula A=P(1+r/n)^nt to find the total amount of money accumulated at the end of the indicated time period for the following investment. (Objective 2. Round your answer to      Log On


   

Question 1032398: Use the formula A=P(1+r/n)^nt to find the total amount of money accumulated at the end of the indicated time period for the following investment. (Objective 2. Round your answer to the nearest cent.)

$1200 for 5 years at 8% compounded quarterly
Please help me solve. I'm getting 1785.66 but its telling me I'm wrong. Thank you!
Found 2 solutions by josmiceli, MathTherapy:
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
+P+=+1200+
+r+=+.08+
+n+=+4+
+t+=+5+
--------------
+A+=+P%2A%28+1+%2B+r%2Fn+%29%5E%28n%2At%29+
+A+=+1200%2A%28+1+%2B+.08%2F4+%29%5E%28+4%2A5+%29+
+A+=+1200%2A%28+1+%2B+.02+%29%5E20+
+A+=+1200%2A1.02%5E20+
+A+=+1200%2A1.4859+
+A+=+1783.14+
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Answer by MathTherapy(10549) About Me  (Show Source):
You can put this solution on YOUR website!

Use the formula A=P(1+r/n)^nt to find the total amount of money accumulated at the end of the indicated time period for the following investment. (Objective 2. Round your answer to the nearest cent.)

$1200 for 5 years at 8% compounded quarterly
Please help me solve. I'm getting 1785.66 but its telling me I'm wrong. Thank you! 
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