algebra

posted by .

If $8,500 is deposited in a compound interest account paying 3.9% interest annually, how much will be in the account after 12 years?

  • algebra -

    Pt = Po(1+r)^n.

    r = 3.9% / 100% = 0.039=APR expressed
    as a decimal.

    n = 1comp/yr * 12yrs.=12 Compounding
    periods.

    Pt = 8500(1.039)^12 = $13,452.58.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. math

    If $5,600 is deposited into an account paying 5% interest compounded annually (at the end of each year), how much money is in the account after 3 years?
  2. Math

    Please check my work, thank you If $7,800 is deposited into an account paying 6% interest compounded annually (at the end of each year), how much money is in the account after 2 years?
  3. math

    If $7,800 is deposited into an account paying 6% interest compounded annually (at the end of each year), how much money is in the account after 2 years?
  4. algebra 2

    If $8,500 is deposited in a compound interest account paying 3.9% interest annually, how much will be in the account after 12 years?
  5. algebra ll HELP PLEASE

    If $8,500 is deposited in a compound interest account paying 3.9% interest annually, how much will be in the account after 12 years?
  6. algebra2 HELP PLEASE

    If $8,500 is deposited in a compound interest account paying 3.9% interest annually, how much will be in the account after 12 years?
  7. 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 …
  8. math

    Huan deposited $850 into a collegesavings account earning 4.8% interestcompounded annually. He also deposited$850 into a second account earning 4.8%simple interest. He made no additionaldeposits. After 10 years, which account earnedmore …
  9. MATH HELP! Complex Interest

    Huan deposited $850 into a collegesavings account earning 4.8% interestcompounded annually. He also deposited$850 into a second account earning 4.8%simple interest. He made no additionaldeposits. After 10 years, which account earnedmore …
  10. Math

    Compound interest is a type of exponential growth. Now imagine that Lisa and Elicia each opened a new compound interest account. Lisa deposited $20,000 into her compound interest account. Elicia deposited $15,000 into her compound …

More Similar Questions