Find how much money there will be in the account after the given number of years.
Principle $8500
Rate 4%
Coumpounded quarterly
Time 4 yeats
A=8500(1+.04/4)raised to 40th power
A=8500(1.01)raised to 40th power
I am stuck here, how do you raise to the 40th power
To raise a number to the power of 40, you can use either a calculator or a formula. If you don't have a calculator that supports exponentiation, you can do it manually using the formula:
A = 8500 * (1.01)^40
To raise a number to the power of another number, we multiply the number by itself the specified number of times. In this case, it means multiplying 1.01 by itself 40 times.
If you have a scientific calculator, you can directly input the calculation by following these steps:
1. Enter the base number: 1.01
2. Press the exponentiation button (^ or X^Y)
3. Enter the exponent: 40
4. Press the equals (=) button
The result will be the value of 1.01 raised to the power of 40.
If you're using a basic calculator without an exponentiation function, you can use the following steps:
1. Start by multiplying 1.01 by itself: 1.01 * 1.01 = 1.0201
2. For the next multiplication, use the result from the previous step: 1.0201 * 1.01 = 1.030301
3. Continue this process until you reach the desired exponent, in this case, 40.
4. On each iteration, multiply the result from the previous step by 1.01.
Example: 1.030301 * 1.01 = 1.04060401
5. Repeat this process 40 times, and the final result will be the value of 1.01 raised to the power of 40.
Alternatively, you can use online calculators that allow you to perform exponentiation calculations. Simply search for "exponent calculator" or "calculate exponent" in your preferred search engine, and you should find various options to help you raise a number to a specific power.