Friday

August 22, 2014

August 22, 2014

Posted by **Taylor** on Monday, January 10, 2011 at 9:37pm.

Please answer ASAP, thanks.

- math -
**helper**, Monday, January 10, 2011 at 10:08pmhow is the interest compounded?

ie, daily, quarterly, semiannually, annually, or ?

- math -
**Taylor**, Monday, January 10, 2011 at 10:15pmI'm not sure, the question doesn't say anything about that specifically, but I'm guessing it's annually?

- math -
**helper**, Monday, January 10, 2011 at 10:59pmA(t) = P (1 + r/n)^nt

A(10) = 5000 ( 1 + .08/1)^1*10

A(10) = 5000 ( 1.08)^10

A(10) = 5000 ( 2.15892 )

A(10) = 10,794.60

5000 + 10794.60 = 15794.60

I'm not a tutor, but I've done this type

problem here before

- math -
**Taylor**, Monday, January 10, 2011 at 11:29pmThank you!

- math -
**helper**, Monday, January 10, 2011 at 11:41pmyou're welcome!

**Related Questions**

math - sam invested $5000 in a GIC earning 8% compound interest per year, the ...

computer science - When $1000 is deposit at 5% simple interest, the amount grows...

simple interest and compund interest. - 1) What is the final amount when $3000 ...

math - you invested $4000 in two accounts paying 2% and 9% annual interest, ...

Last math problem help - Mr. Jarvis invested a total of 10,437 in two savings ...

Math - I hate word problems! Can anyone just change this Following word prob to...

Finance - Your Uncle has two alternative inheritence for you. A. You receive ...

Math 0098 - Last year, Deon had $20,000 to invest. He invested some of it in an...

math - A student invests two sums of money at 3% and 4% interest, receiving a ...

Math 0098 - Last year, Joe had to invest. He invested some of it in an account ...