SOLUTION: You inveast 17,000 at 4.5% interest, compounded monthly. How much money will you have after 5 years?

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Question 83892: You inveast 17,000 at 4.5% interest, compounded monthly. How much money will you have after 5 years?
Answer by jim_thompson5910(35256) About Me  (Show Source):
You can put this solution on YOUR website!
Let p=17000, r=0.045, n=12, and t=5 and plug them into A=p%281%2Br%2Fn%29%5E%28n%2At%29

A=17000%281%2B0.045%2F12%29%5E%2812%2A5%29 Start with the given expression
A=17000%281%2B0.00375%29%5E%2812%2A5%29 Divide 0.045 by 12 to get 0.00375
A=17000%281%2B0.00375%29%5E%2860%29 Multiply the exponents 12 and 5 to get 60
A=17000%281.00375%29%5E%2860%29 Add 1 and 0.00375 to get 1.00375
A=17000%281.25179582052417%29 Raise 1.00375 to the 60 th power to get 1.25179582052417
A=21280.5289489109 Multiply 17000 and 1.25179582052417 to get 21280.5289489109

So the return is $21280.52