College Algebra

posted by .

The year he turned 18, Thomas Edison invested 0.8% compounded hourly. How much money would the account have now? Explain all steps. Be sure to include an explanation of how you found out when Edison turned 18 and how you calculated n. Part of the credit is for your explanation, it should be thorough.

  • College Algebra -

    Here is what I did so far:
    FV = P(1 + r/n)^(t*n)
    FV = 200,000 (1 + 0.008/8760)^(147*8760)
    FV = 200,000

    Can you please tell me if I'm on the right track? I don't understand why I am getting the same number that I started with. Unless that is the correct answer?

  • College Algebra -

    I believe this is the correct answer

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. thomas alva edison

    I have a list of people where i have to separate them into scientists and engineers and i have one doubt. is thomas alva edison an engineer or scientist. i know he invented light bulb and phonograph. but i was doing a research and …
  2. algebra 2

    Jennifer invested $2,500 in an account earning 3.5% interest compounded continuosly. How much money will she have in the account after 15 years?
  3. Social Studies

    Which of the following nineteenth-century inventors is associated with Menlo Park in New Jersey?
  4. maths

    How much money will I need to have at retirement so I can withdraw $60,000 a year for 20 years from an account earning 8% compounded annually?
  5. College Algebra

    Write an equation for the amount of money, A, that we would have if we invested $25,000 at 6% per year for 5 years compounded instantaneously.
  6. math

    Yumi's grandparents presented her with a gift of $11,000 when she was 8 years old to be used for her college education. Over the next 9 years, until she turned 17, Yumi's parents had invested her money in a tax-free account that had …
  7. math

    Barry heard in his Personal Finance class that he should start investing as soon as possible. He had always thought that it would be smart to start investing after he finishes college and his salary is high enough to pay the bills …
  8. MATH!!

    Joe and Susan invested $1500 at Bank of America in 2000, at 4% compounded quarterly. In the year 2005 they moved to another city and took the total money from their investment added $500 and invested in at Bank Bravo, at 5% compounded …
  9. Mathematics

    Yumi's grandparents presented her with a gift of $12,000 when she was 10 yr old to be used for her college education. Over the next 7 yr, until she turned 17, Yumi's parents had invested her money in a tax-free account that had yielded …
  10. Mathematics

    Yumi's grandparents presented her with a gift of $12,000 when she was 10 yr old to be used for her college education. Over the next 7 yr, until she turned 17, Yumi's parents had invested her money in a tax-free account that had yielded …

More Similar Questions