Question

Use the compound interest formula P = A(1 + i)n, where A is the original value of an investment, i is the interest rate per compounding period, n is the total number of compounding periods, and P is the value of the investment after n periods.
A financial advisor recommends that a client deposit $2900 into a fund that earns 7.5% annual interest compounded monthly. What will be the value of the investment after 6 years? Round to the nearest cent.

Answer 1

P = 2900(1+.075)^6

Answer 2

P = 4475.57

Answer 3

that answer is right

Answer 4

not*

Answer 5

Okay sorry

Answer 6

it oaky just want to understand it

Answer 7

P = 2900(1+.075)^72

12*6 = n

72 equal the total number of months compounded, so the correct answer is

P = 529429

Answer 8

I'm not going to argue with my calculator

Answer 9

It compounds exponentially so that appears to be correct

Answer 10

ya it is

Answer 11

Use the exponential decay equation given below, where A is the amount of a radioactive material present after time t, k is the half-life of the radioactive material, and A0 is the original amount of radioactive substance.

Iodine-131 is an isotope that is used to study the functioning of the thyroid gland. This isotope has a half-life of approximately 8 days. A patient is given an injection that contains 8 micrograms of iodine-131. (Round your answers to one decimal place.)
(a) What will be the amount of iodine in the patient after 15 days?
A = micrograms

(b) How long (in days) will it take for the amount of iodine in the patient to reach 5 micrograms?
t = days

Answer 12

I don't see the radio active decay formula

Answer 13

srry