SOLUTION: please help me solve this equation. Suppose you deposit a principal amount of (p) dollars in a bank account that pays compound interest. If the annual interest rate (r) (express

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Question 474730: please help me solve this equation.
Suppose you deposit a principal amount of (p) dollars in a bank account that pays compound interest. If the annual interest rate (r) (expressed as a decimal) and the bank makes interest payments (n) times every year, the amount of money (a) you would have after (t) years is given by A(T)=P(1+ r/n )^RT .

*THE r/n IS A FRACTION * AND THE ^RT ARE BOTH EXPONENTS


Find the account balance after 20 years if you started with a deposit of $1000, and the bank was paying 4% interest compounded quarterly (4 times a year). Round your answer to the nearest cent.

Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
A=1000(1+0.04/4)^(20*4)
A=1000(1.01)^80
A=1000(2.21672)
A=$2216.72