Question 1115871: If x dollars is deposited every four weeks (13 times a year) into an account paying an annual interest rate r, expressed in decimal form, then the amount An in the account after n years can be approximated by the formula An = x 1 + r/13 13n - 1 r/13 . If $50 is deposited every four weeks into an account paying 8% interest, approximate the amount in the account after 8 years.
Answer by greenestamps(13200)   (Show Source):
You can put this solution on YOUR website!
It appears many of the characters you are using in the formula are not printing. The formula is
In your problem, n is the number of years, 8, and r is the annual interest rate, 8% = 0.08.
Plug the numbers into the formula and evaluate....
Depending on the type of calculator you are using, it might be very difficult to evaluate the formula with the given values of x, n, and r in a single step. I always recommend to students that they do the calculations one small step at a time, something like this:
(1) evaluate 1+r/13
(2) raise the answer to the power 13n
(3) subtract 1
(4) divide by (r/13)
(5) multiply by x
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