Posted by **Rock** on Monday, December 12, 2011 at 10:27pm.

Help....Help...

Suppose you deposit a principal amount of p dollars in a bank account that pays compound interest. If the annual interest rate r (expressed as a decimal) and the bank makes interest payments n times every year, the amount of money A you would have after t years is given by

Find the account balance after 20 years if you started with a deposit of $1000, and the bank was paying 4% interest compounded quarterly (4 times a year). Round your answer to the nearest cent.

I used the formula A(t)=P(1+ r/n)nt

and got 1010 and this is not the correct answer...

## Answer This Question

## Related Questions

- Alg 2 - Suppose you deposit a principal amount of p dollars in a bank account ...
- Math - If you deposit P dollars into a bank account paying an annual interest ...
- algebra - The formula for calculating the amount of money returned for an ...
- math - Rob has a balance of 1695$ in his bank account The account pays 2.9% ...
- SS - Rohan has 100 dollars that he wants to save in a bank. Bank A offers two ...
- math - The formula for calculating the amount of money returned for an initial ...
- Compound interest - Hello My teacher skipped over this and I have no clue how to...
- Social Studies - I was wondering if I could check my answers with someone. I'm a...
- Word problem - suppose you deposit $350 in a bank account that pays 6% annual ...
- College Algebra~ Check answer please - Can someone check my answers please. The ...

More Related Questions