Homework Help: College Algebra

Posted by A on Monday, December 3, 2012 at 6:39pm.

The year he turned 18, Thomas Edison invested 0.8% compounded hourly. How much money would the account have now? Explain all steps. Be sure to include an explanation of how you found out when Edison turned 18 and how you calculated n. Part of the credit is for your explanation, it should be thorough.

College Algebra - A, Monday, December 3, 2012 at 6:44pm
Here is what I did so far:
FV = P(1 + r/n)^(t*n)
FV = 200,000 (1 + 0.008/8760)^(147*8760)
FV = 200,000

Can you please tell me if I'm on the right track? I don't understand why I am getting the same number that I started with. Unless that is the correct answer?

Answer this Question

Related Questions

algebra 2 - Jennifer invested $2,500 in an account earning 3.5% interest ...
algebra - Jennifer invested $2,500 in an account earning 3.5% interest ...
Math - Danny invested$5,000 into his savings account for college when he was 13...
maths - How much money will I need to have at retirement so I can withdraw $60,...
Math - Kent invested $5,000 in a retirement plan.He allocated X dollars of the ...
math - How much more money would I have if I invested $14,000.00 for 8 years at ...
Math 109 - Your cousin has just won the lottery and wants to create an account ...
Math 109 - Your cousin has just won the lottery and wants to create an account ...
Math(College Algebra) - I'm having trouble how to set up this math problem: ...
Math - Mary B deposits $8500 into a savings account, compounded monthly at a ...

For Further Reading

First Name:
School Subject:
Answer: