Pre Calculus

If $22,550 is invested at 2.95% over 10 years, describe the amount of the investment if interest is compounded

a. Every 2 months

equation: -A(t)=Ao(1+i/n)n*t

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asked by Josh
  1. The "n*t" in your equation is an exponent, which in this case is 6*10 = 60

    There should no minus sign in front of A(t)

    A(10) = 22,550*[1 + (0.0295/6)]^60
    = $30,256.61

    You need a pocket calculator or computer for such a tedious calculation. Or us can use Google.

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    posted by drwls

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