Posted by shakera on Wednesday, August 3, 2011 at 9:26am.
The question is about compound interest, not compounds.
n is presumably the number of interest payments per year.
If so, the balance at the end of 20 years is
P*(1 + r/n)^(n*t)
= 2500*(1.06)^40 = ?
Do the numbers. The principal will double about every 6 years, so there will be a lot more money in 20 years.
If you don't have a pocket calculator, type the experession
2500*(1.06)^40
into Google.com.
Related Questions
Algebra - Joanie takes a $6000 loan to pay for her car. The interest rate on the...
maths-- compound interest - find the compund interest on $2500 for one year at 4...
College algebra - suppose you invest 2500 and earn 4.2% annual interest, ...
college math - in regard to my question find the median I put them into ...
chemistry - What is a special group of compounds that produce H+ ions when ...
bookkeeping - suppose your business caters a party august 23.according to the ...
Calculus - I keep getting confused on this stuff. Alan invests $2500 in a 5 year...
college algebra - John invests $2500 in an account that pays a rate r compounded...
College Algebra - Can someone check my work for me again! I really appreicate it...
college Algebra - This is "college" math? Anyway... let the smaller ...
For Further Reading
