College Algebra~ Check answer please
posted by Alicia .
Can someone check my answers please.
The formula for calculating the amount of money returned for an initial deposit into a bank account or CD (certificate of deposit) is given by
A=P(a+r/n)^nt
A is the amount of the return.
P is the principal amount initially deposited.
r is the annual interest rate (expressed as a decimal).
n is the number of compound periods in one year.
t is the number of years.
Carry all calculations to six decimals on each intermediate step, then round the final answer to the nearest cent.
Suppose you deposit $4,000 for 8 years at a rate of 7%.
Calculate the return (A) if the bank compounds annually (n = 1). Round your answer to the hundredth's place.
P=4000 A=(4000)(1+.07/1)^(1)(8)
r=.07 A=(4000)(1.07)^8
t=8 A=(4000)(1.71818)
n=1 A=$6,872.72
A=

looks good to me
Respond to this Question
Similar Questions

PreAlgebra
Solve the inequality for each solution. Arnelle's checking account balance is $49.00. How much money must she deposit to bring her account to a possitive balance? 
math
The formula for calculating the amount of money returned for an initial deposit money into a bank account or CD (Certificate of Deposit) is given by A is the amount of returned. P is the principal amount initially deposited. r is the … 
College level math
Suppose you deposit $100 in an account that earns 0.5% each month. You make no withdrawals from the account and deposit no more money into the account. How much money will you have in the account after 4 years? 
Calculus
Redo problem 8 in section 6.3 of your textbook (page 288) assuming that the parents need $105000 in 9 years for college expenses, and that the bank account earns 9.25% compounded continuously. Round your answers to the nearest cent. … 
Alg2
Help....Help... Suppose you deposit a principal amount of p dollars in a bank account that pays compound interest. If the annual interest rate r (expressed as a decimal) and the bank makes interest payments n times every year, the … 
Alg 2
Suppose you deposit a principal amount of p dollars in a bank account that pays compound interest. If the annual interest rate r (expressed as a decimal) and the bank makes interest payments n times every year, the amount of money … 
algebra
The formula for calculating the amount of money returned for an initial deposit into a bank account or CD (certificate of deposit) is given by nt n r P A „Ê„Ë „É „º„» „¹ ƒ 1ƒy A is the amount of the return. P … 
MATH
Andrea wants to deposit money into a bank account that earns 2.5% simple interest. Use the formula to find the amount of money that she should deposit so that she earns $2500 after 4.5 years. Show and explain your work. 
technoligy
1. What column do you put the deposits in when you are balancing your checkbook a=date b=transaction c=debit d=credit 2. when creating a formula for balancing in a checkbook, what do you subtract from the credits? 
magh
suppose you put money into teo different bank accounts. In account #1 you deposit $500 and you will be earning 6% interest compounded quarterly. in account #2 you deposit $600 and you will be earning 5% interest compounded annually. …