Saturday

August 30, 2014

August 30, 2014

Posted by **patrice** on Saturday, April 24, 2010 at 7:00pm.

- college math -
**Damon**, Saturday, April 24, 2010 at 9:23pm7*4 = 28 periods

r = 12/4 = 3% per period

1000 * (1.03)^28 = 2287.93

- college math -
**Mike**, Sunday, April 25, 2010 at 6:18pmA = P(1+(r/n))^(nt)

A=Amount present after interest compounded

P=Initial Deposit

r=rate expressed as decimal

n=# of times interest is received in one year. (Look for keywords: quarterly = 4)

t=timespan of investment

A=1000(1+(0.12/4))^(4*7)

A=$2287.93

Confirms Damon's answer.

**Related Questions**

math - Choi deposited $2500 in a savings account that pays 4.75% interest ...

math - Samantha opened a savings account and deposited some money into the ...

Math - Please check my work, thank you If $7,800 is deposited into an account ...

6 grade algebra - cindy earns 6% simple interest each year on her savings ...

Math - Bermie deposited $ 4000 into an account that pays 45/a compounded ...

math - You deposit $7,900 in a money-market account that pays an annual interest...

Math - You deposit $6,700 in a money-market account that pays and annual ...

math - You deposit $6,700 in a money-market account that pays an annual interest...

math - Ann deposited $4000 into an account with 5.2 interest, compounded ...

math - you invest $10,000 in a savings account that pays 6.6%, compounded ...