Alg2

posted by .

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 amount of money A you would have after t years is given by

Find the account balance after 20 years if you started with a deposit of $1000, and the bank was paying 4% interest compounded quarterly (4 times a year). Round your answer to the nearest cent.

I used the formula A(t)=P(1+ r/n)nt
and got 1010 and this is not the correct answer...

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. 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 …
  2. 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 …
  3. calculus

    Suppose $5000 is deposited in a bank account that compounds interest four times per year. The bank account contains $9900 after 13 years. What is the annual interest rate for this bank account?
  4. math

    Suppose $5000 is deposited in a bank account that compounds interest four times per year. The bank account contains $9900 after 13 years. What is the annual interest rate for this bank account?
  5. math

    Suppose $5000 is deposited in a bank account that compounds interest four times per year. The bank account contains $9900 after 13 years. What is the annual interest rate for this bank account?
  6. Compound interest

    Hello My teacher skipped over this and I have no clue how to do this or the equations. Help would be wonderful thank you If 6000 dollars is invested in a bank account at an interest rate of 10 per cent per year, find the amount in …
  7. Math

    If you deposit P dollars into a bank account paying an annual interest rate r, with n interest payments each year, the amount A you would have after t years is A=P(1+r/n)^nt. Kevin places $100 in a savings account earning 6% annual …
  8. 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 …
  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. Algebra

    Jon invested a total of $40,000 in 3 different bank accounts. One pays an annual interest rate of 3%, the second account pays 5% annual interest and the third account pays 6% annual interest. In one year, Jon earned a total of $1960 …

More Similar Questions