college algebra

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P=2500, r=12%, t=20yrs, n=2

  • elementary algebra -

    The question is about compound interest, not compounds.

    n is presumably the number of interest payments per year.

    If so, the balance at the end of 20 years is

    P*(1 + r/n)^(n*t)
    = 2500*(1.06)^40 = ?

    Do the numbers. The principal will double about every 6 years, so there will be a lot more money in 20 years.

    If you don't have a pocket calculator, type the experession

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