Question

An initial deposit of $1000 earns 7% interest, compounded monthly. How much will be in the account in 2½ years?

Answer 1

amount = 1000( 1 + .07/12)^(12*2.5)

Answer 2

okay, but I need to know the exact value to the nearest cent. I got $2680.73. But the thing is, it was wrong

Answer 3

= 1000(1 + 0.0058333)^30

= 1190.64 dollars

Answer 4

the formula is P = Po ( 1 + r/n)^nt

Answer 5

i'll chec k it out on wolfram in case i made a mistake

Answer 6

yup - thats correct

Answer 7

ok?

Answer 8

COOL

Answer 9

Why did it count it wrong then?