Question

Find the amount of money in an account after 12 years if $4200 is deposited at 7% annual interest compounded annually.

Answer 1

earn a quick medal...anyone?

Answer 2

A(t) = A0 [1 + r/n]^ (nt)

Answer 3

ok what do i do with this?

Answer 4

Ao= 4200(principal amount)
n=number of times the interest is compounded per year = 1 in this problem
r= annual rate of interest= 7
t=12 yrs
A(t) = final amount (answer)

Answer 5

ok thx

Answer 6

1(12) = 4200[+7/1]^(1*12) like this?