SOLUTION: This is a compound interest question. Thanks for any assistance.
An initial deposit of $1,000 earnes 9% interest, compounded monthly. How much will be in the account in 4.5 ye
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An initial deposit of $1,000 earnes 9% interest, compounded monthly. How much will be in the account in 4.5 ye
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Question 62158This question is from textbook college algebra
: This is a compound interest question. Thanks for any assistance.
An initial deposit of $1,000 earnes 9% interest, compounded monthly. How much will be in the account in 4.5 years.
Thanks again for your help. This question is from textbook college algebra
You can put this solution on YOUR website! This is a compound interest question. Thanks for any assistance.
An initial deposit of $1,000 earnes 9% interest, compounded monthly. How much will be in the account in 4.5 years.
Thanks again for your help.
FORMULA IS
A=P(1+R/N)^(NT)............WHERE
A = AMOUNT=?
P=PRINCIPAL=1000 $
R=RATE OF INTEREST PER YEAR IN FRACTION = 9%=9/100=0.09
N= NUMBER OF PERIODS OF COMPOUNDING IN 1 YEAR = 12
T = YEARS = 4.5
A=1000[1+0.09/12]^(12*4.5)= 1497.04 $
