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. 👍
  2. 👎
  3. 👁
  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. 👍
    2. 👎

Respond to this Question

First Name

Your Response

Similar Questions

  1. Pre-Algebra

    Emma is saving money for college. She has $800 and wants to deposit it into 2 different savings accounts. She decides to deposit $500.00 into an account, Account IN, which earns 2.5% annual simple interest. She will then deposit

  2. 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

  3. math

    Suppose you put $2000 in a savings account at an APR of 8% compounded quarterly. Fill in the table below. (Calculate the interest and compound it each quarter rather than using the compound interest formula. Round your answers to

  4. Math

    You deposit $2000 in an account earning 7% interest compounded monthly. How much will you have in the account in 10 years?

  1. FINANCE

    You deposit $2,000 in an account that pays 8% interest compounded semiannually. After 4 years, the interest rate is increased to 8.28% compounded quarterly. What will be the value of the account after 4 more years? (Do not round

  2. 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

  3. Math

    Suppose you deposit $1000 in an account paying 4% annual interest, compounded monthly. How much money will you have after 15 years?

  4. math

    Emma is saving money for college. She has $800 and wants to deposit it into 2 different savings accounts. She decides to deposit $500.00 into an account, Account I, which earns 2.5% annual simple interest. She will then deposit

  1. 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

  2. math for connexus

    Emma is saving money for college. She has $800 and wants to deposit it into 2 different savings accounts. She decides to deposit $500.00 into an account, Account I, which earns 2.5% annual simple interest. She will then deposit

  3. 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

  4. 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

You can view more similar questions or ask a new question.