SOLUTION: Please, Could someone help with this? The total value (v) of money (m) deposited in an account earning 6% inbterest compounded annually is v = m (1.06)^t where t is the number

Algebra ->  Rational-functions -> SOLUTION: Please, Could someone help with this? The total value (v) of money (m) deposited in an account earning 6% inbterest compounded annually is v = m (1.06)^t where t is the number       Log On


   

Question 544763: Please, Could someone help with this?
The total value (v) of money (m) deposited in an account earning 6% inbterest compounded annually is v = m (1.06)^t where t is the number of years the money is in the account. What is the total value of $500 after 3 years in an account? what would the value be in 1/2 year?

Thanks

Found 2 solutions by rfer, saifoo.khan:
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
v=500(1.06)^3
v=500*1.191
v=$595.50
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v=500(1.06)^0.5
v=500*1.029563
v=$514.78

Answer by saifoo.khan(162) About Me  (Show Source):
You can put this solution on YOUR website!
$514.78
is the correct answer.