Homework Help: Math

Posted by Breanna on Friday, July 31, 2009 at 1:09am.

Using the compound interest formula

A = P (1+ ((r)/ (n)) ^nt

Find the amount of money in the account at the end of 10 years. (Show values substituted in the formula, and calculate the numerical amount.)

$18,000 is invested in an account paying 3% interest compounded quarterly.

Math - drwls, Friday, July 31, 2009 at 5:09am
A = 18,000*(1.0075)^40

If you don't have a calculator to do that, you can use Google:
http://www.google.com/search?source=ig&hl=en&rlz=&q=18%2C000*%281.0075%29%5E40&btnG=Google+Search&aq=f&oq=&aqi=

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