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=

College Algebra~ Check answer please  Damon, Tuesday, December 11, 2007 at 6:49pm
looks good to me
Answer This Question
Related Questions
 math  The formula for calculating the amount of money returned for an initial ...
 algebra  The formula for calculating the amount of money returned for an ...
 PreAlgebra  Solve the inequality for each solution. Arnelle's checking ...
 MATH  Andrea wants to deposit money into a bank account that earns 2.5% simple ...
 magh  suppose you put money into teo different bank accounts. In account #1 you...
 Calculus  Redo problem 8 in section 6.3 of your textbook (page 288) assuming ...
 Alg 2  Suppose you deposit a principal amount of p dollars in a bank account ...
 Alg2  Help....Help... Suppose you deposit a principal amount of p dollars in a ...
 technoligy  1. What column do you put the deposits in when you are balancing ...
 College level math  Suppose you deposit $100 in an account that earns 0.5% each...
More Related Questions