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OpenStudy (anonymous):
Find the amount of money in an account after 12 years if $4200 is deposited at 7% annual interest compounded annually.
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OpenStudy (anonymous):
earn a quick medal...anyone?
OpenStudy (a_clan):
A(t) = A0 [1 + r/n]^ (nt)
OpenStudy (anonymous):
ok what do i do with this?
OpenStudy (a_clan):
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)
OpenStudy (anonymous):
ok thx
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OpenStudy (anonymous):
1(12) = 4200[+7/1]^(1*12) like this?
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