# Compound math

posted by Help

(Future Value) Suppose you invest \$8000 into an account that pays an annual interest rate of 6.2%. How much is in the account after 30 years if

a. simple interest is compound monthly?
b. interest is compounded monthly?
c. interest is compounded daily?

1. Tim

P*(1+i)* Exponent which is time invested

\$8000x(1+.o62)30

\$8000 x ((1 + .062)^30) = \$48,621.1794 U.S. dollars

2. paul

\$24,000 is invested for 5 years with APR of 2% in daily compounding.What is the balance in account after 5 years?

## Similar Questions

1. ### math

This problem has to do with exponential models. The question says, you deposit \$1600 in a bank account. Find the balance after 3 years for each of the following situations. The first one says: 1. The account pays 2.5% annual interest …
2. ### math

how much money would have to be invested in an account at 3.98% annual interset to achieve a balance of 25,000 in 17 years if a. The account pays simple interest b. the account compound interest qrtly c. the account compounds interest …
3. ### Social Studies

I was wondering if I could check my answers with someone. I'm a bit confused with interest. I put stars next to the answers I chose. Thank you. An interest rate is a special type of (1 point) loan. **price. bank. service. 2. How does …
4. ### Algebra

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 …
5. ### math

Compound Interest Question James has 10,000 to invest. If he invest money in a savings account that pays 4% APR, calculate the following: a) how long will it take to have a total of 15,000 if interest is compounded quarterly (3months)?
6. ### math

Rob has a balance of 1695\$ in his bank account The account pays 2.9% interest per year, compounded annually. The compound interest formula is A=P(1+i)^n A=future value\P=principal/i+interest rate/n=number of payments rods balance will …
7. ### Math Personal Finance

Assume we invest \$2000 for one year in a savings account that pays an APR (Annual Percentage Rate) of 10% compounded quarterly. Calculate the interest and compound it by hand each quarter rather than using the compound interest formula. …
8. ### Math

A bank offers two interest account plans. Plan A gives you 6% interest compound annually. Plan B gives you 13% annual simple interest. You plan to invest \$2,000 for the next 4 years. Which account earns you the most interest (in dollars) …
9. ### Social Studies

An interest rate is a special type of (1 point) loan. **price. bank. service. 2. How does a compound interest rate differ from a simple interest rate?
10. ### Math

Deborah deposits \$200 into an account that pays simple interest at the rate of 7%. How much will she have at the end of 4 months?

More Similar Questions