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July 7, 2015

Homework Help: Algebra

Posted by Sylvie on Sunday, February 3, 2013 at 11:50am.

Show how you substitute the values into the formula, then use your calculator.
*Use A = P(1+r/n)nt to find the amount of money in an account after t years, compounded n times per year.
*Use I = Prt to find the amount of simple interest earned after t years

1) If a person invests $5780 in an account that pays 9% interest compounded annually, find the balance after 13 years.

I got A = 5780 (1+0.09/1)13, but my calculator answer doesn't seem right.

2) Find the value of $3500 deposited for 9 years in an account paying 5% annual interest compounded semi-annually.

3) Find the value of $1200 deposited for 18 years in an account paying 7% annual interest compounded monthly. I got A = 1200(1+.07/12)216, but again, I don't know how to use the calculator for this.

4) Find the amount of simple interest earned if you invest $9000 at .04% interest for 20 years. Then find the account balance.

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