Homework Help: math

Posted by Jess on Tuesday, February 12, 2013 at 12:31pm.

Suppose that you deposit $1735.50 in a savings account that pays 9.25% annual interest with interest credited to the account at the end of each year. Assuming no withdrawals are made, find the balance in the account after 4 years

math - Henry, Thursday, February 14, 2013 at 12:22pm
P = Po(1+r)^n.

Po = $1735.50.

r = 9.25%/100% = 0.0925 = APR expressed as a decimal.

n = 1Comp./yr * 4yrs = 4 Compounding
periods.

Plug the above values in the given Eq
and get:

P = $2472.35

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