SOLUTION: ok using the formula A=P(1+r/n)^nt how do I solve this word problem? jacobs sixth bday he got a $3,000 cd it earns 5% interest,compounded quarterly. If the CD matures on his 16t

Algebra ->  Logarithm Solvers, Trainers and Word Problems -> SOLUTION: ok using the formula A=P(1+r/n)^nt how do I solve this word problem? jacobs sixth bday he got a $3,000 cd it earns 5% interest,compounded quarterly. If the CD matures on his 16t      Log On


   

Question 440159: ok using the formula A=P(1+r/n)^nt
how do I solve this word problem?
jacobs sixth bday he got a $3,000 cd it earns 5% interest,compounded quarterly. If the CD matures on his 16th bday what amount will be available then?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi

jacobs sixth bday he got a $3,000 cd it earns 5% interest,compounded quarterly.

 If the CD matures on his 16th bday what amount will be available then

    A=P(1+r/n)^nt

    A=$3000(1+.05/4)^4*10

    A=$3000(1.0125)^40 = $4930.86