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October 25, 2014

Homework Help: College Algebra~ Check answer please

Posted by Alicia on Tuesday, December 11, 2007 at 6:29pm.

Can someone check my answers please.

The formula for calculating the amount of money returned for an initial deposit into a bank account or CD (certificate of deposit) is given by

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

A is the amount of the return.
P is the principal amount initially deposited.
r is the annual interest rate (expressed as a decimal).
n is the number of compound periods in one year.
t is the number of years.

Carry all calculations to six decimals on each intermediate step, then round the final answer to the nearest cent.

Suppose you deposit $4,000 for 8 years at a rate of 7%.

Calculate the return (A) if the bank compounds annually (n = 1). Round your answer to the hundredth's place.

P=4000 A=(4000)(1+.07/1)^(1)(8)
r=.07 A=(4000)(1.07)^8
t=8 A=(4000)(1.71818)
n=1 A=$6,872.72
A=

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