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College Algebra

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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 - ,

    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?

  • College Algebra - ,

    I believe this is the correct answer

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