# Math

Suppose you deposit \$2000 in an account with an annual interest rate of
7% compounded quarterly. Use the formula A=P(1+r/n)^n*t and round each answer to 2 decimal places, if necessary.

a. Find an equation that gives the amount of money in the account after t
years.
A(t)=
b. Find the amount of money in the account after 8 years.
After 8 years, there will be \$ in the account.
c. How many years will it take for the account to contain \$4000?
It will take years for there to be
\$4000 in the account.

d. If the same account and interest were compounded continuously, how much money would the account contain after 8 years?
With continuous compounding interest, there would be \$ in the account after 8 years.

1. 👍 0
2. 👎 0
3. 👁 411
1. they told you A=P(1+r/n)^n*t
so, for (a) use the numbers they gave you for P,r,n

1. 👍 0
2. 👎 0

## Similar Questions

1. ### Math help! Check my answers ASAP!

1. Which graph most likely describes the distance a person walks in a 24-hour period? (1 point) a. Graph IV** b. Graph II c. Graph I d. Graph III 2. A car traveling at 25 mi/h accelerates to 48 mi/h over the first 5 seconds. It

asked by Cutie Pie on March 14, 2017
2. ### Math

Kenny will invest \$16,000 in an account with an annual interest rate of 5% and the interest is compounded quarterly. How much money will be in the account in 7 years? How will I set this up?

asked by Hannah on February 20, 2017
3. ### math

Mr. Flores opened an account with a deposit of \$5,000 The account earned annual simple interest. He did not make any additional deposits or withdrawals. At the end of 4 years, the balance of the account was \$6,500. What is the

asked by E on April 5, 2019
4. ### Interest

You deposit \$4000 in an account earning 5% interest compounded monthly. How much will you have in the account in 5 years? Use n=12 for monthly compounding,n=4 for quarterly compounding,n=2 for semiannual compounding, and n=1 for

asked by JESSICA on December 1, 2016
5. ### math

Please someone show me how to work this one out? Suppose Caroline is a cinephile and buys only movie tickets. Caroline deposits \$3000 in a bank acct that pays an annual interest rate of 20%. You can assume that this interest rate

asked by nan on February 26, 2012
1. ### algebra

Four different accounts are described below. Order the accounts according to their values after 20 years, from greatest to least. 1.You deposit 1500\$ in an account that earns 5% annual interest compounded quarterly. 2. You deposit

asked by audrey on March 10, 2020
2. ### math

Write a function that represents the situation. Find the balance A in the account after the given time period t . \$2000 deposit that earns 5% annual interest compounded quarterly; 5 years

asked by Macey on February 16, 2017
3. ### math

You deposit \$2200 in an account that pays 3% annual interest. After 15 years, you withdraw the money, what is the balance if the interest is compounded quarterly? so I figure you would get 2650.00 help please

asked by katie on September 2, 2011
4. ### algebra

You deposit \$500 in an account that pays 3% annual interest. Find the balance after 2 years if the interst is compounded with the given frequency. a) annually b) quarterly c) daily

asked by Kayla on March 8, 2010
5. ### math

June made an initial deposit of \$5000 in an account for her son. Assuming an interest rate of 7% compounded quarterly, how much will the account be worth in 11 years? Round to the nearest cent. Can someone help me with this

asked by Aleah on July 24, 2009