SOLUTION: If I use this formula a=p(1+i/n)nt How do i caluclate the amount of money that will be in my account after 10 years if I invest $2500 at 4.8% compounded quarterly. p=2500 i=

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: If I use this formula a=p(1+i/n)nt How do i caluclate the amount of money that will be in my account after 10 years if I invest $2500 at 4.8% compounded quarterly. p=2500 i=      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 27727: If I use this formula a=p(1+i/n)nt
How do i caluclate the amount of money that will be in my account after 10 years if I invest $2500 at 4.8% compounded quarterly.
p=2500
i= 4.8%
n= compounded quarterly (4times a year)
t=10 years
a=2500(1+0.048/4^10 please let me know if this is correct
Thanks
Answer by Paul(988) About Me  (Show Source):
You can put this solution on YOUR website!
Since its 4.8% at compunded quaretly.. Its.
4.8/100=0.048

Formula.
A=P%281%2Br%2Fn%29%5E%28nt%29
A=2500%281%2B0.048%2F4%29%5E%284%2A10%29
A=2500%281.012%29%5E40
A=2500%281.6114636003931294479417015971454%29
A=4028.66

Hence, after tens years the investment is $4028.66.
Paul.