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OpenStudy (anonymous):
An initial deposit of $1000 earns 7% interest, compounded monthly. How much will be in the account in 2½ years?
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OpenStudy (anonymous):
amount = 1000( 1 + .07/12)^(12*2.5)
OpenStudy (anonymous):
okay, but I need to know the exact value to the nearest cent. I got $2680.73. But the thing is, it was wrong
OpenStudy (anonymous):
= 1000(1 + 0.0058333)^30 = 1190.64 dollars
OpenStudy (anonymous):
the formula is P = Po ( 1 + r/n)^nt
OpenStudy (anonymous):
i'll chec k it out on wolfram in case i made a mistake
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OpenStudy (anonymous):
yup - thats correct
OpenStudy (anonymous):
ok?
OpenStudy (anonymous):
COOL
OpenStudy (anonymous):
Why did it count it wrong then?
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