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August 28, 2014

August 28, 2014

Posted by **Sue Jackson** on Tuesday, August 28, 2012 at 6:11pm.

$4,000 at 12% for 30 years

(a) Calculate the future amount if the money were invested at simple interest.

(b) Calculate the future amount if the money were invested with annual compounding. (Round your answer to the nearest cent.)

- Algebra -
**Henry**, Thursday, August 30, 2012 at 11:38pma. A = Po + Po*rt.

A = 4000 + 4000*0.12*30 = $18,400.

b. A = Po(1+r))^30

A = 4000(1,12)^30 = $119,839.69

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