posted by A on .
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.
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?
I believe this is the correct answer