Homework Help: math

Posted by chandice on Friday, July 17, 2009 at 5:56pm.

John Lee's savings account has a balance of $3427. After 9 months, what will the amount of
interest be at 4.6% per year?

math - Marth, Friday, July 17, 2009 at 8:10pm
A = C(1 + r)^t

where A is the final value, C is the initial value, r is the rate, and t is time.

Because it is compounded annually, the time is 9 months / 12 months, or 3/4 year.

A = 3427(1+.046)^(3/4)
A = $3544.56

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