SOLUTION: I will invest $5000 in a savings account at 6.6% interest compounded monthly for 6 years, How would I write the algebra formula for this?
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Question 203593: I will invest $5000 in a savings account at 6.6% interest compounded monthly for 6 years, How would I write the algebra formula for this? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! I will invest $5000 in a savings account at 6.6% interest compounded monthly for 6 years, How would I write the algebra formula for this?
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A(t) = P(1 + (r/n))^(nt)
A(t) is the amount you will have after "t-years".
P is the original investment
r is the yearly rate of interest
n is the number of times you compound in a year
t is the number of years you compound
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A(6) = 5000(1 + (0.066/12))^(12*6)
A(6) = 5000(1.0055)^(72)
A(6) = $7421.29
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Cheers,
Stan H.
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