Homework Help: algebra

Posted by Anonymous on Thursday, March 29, 2012 at 11:50am.

If $8,500 is deposited in a compound interest account paying 3.9% interest annually, how much will be in the account after 12 years?

algebra - Henry, Saturday, March 31, 2012 at 3:15pm
Pt = Po(1+r)^n.

r = 3.9% / 100% = 0.039=APR expressed
as a decimal.

n = 1comp/yr * 12yrs.=12 Compounding
periods.

Pt = 8500(1.039)^12 = $13,452.58.

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