Question

$4000 for 6 years at 7% compounded monthly i=prt

Answer 1

compounded intrst

Answer 2

6 years = how many months

Answer 3

Jordan u there

Answer 4

72

Answer 5

great now the formula for compounding is ???

Answer 6

idk

Answer 7

Amount = Principal (1 + r)^n

Answer 8

\[4000\times (1+\frac{.07}{12})^{12\times 6}\]

Answer 9

Amount = $ 4000 * (1+0.07)^72

Answer 10

the 12 in the denominator because you get 1/12 th of your interest per month, the \(12\times 6\) in the exponent because there are 12 months in a year, times 6 years gives you the number of compounding periods

Answer 11

@sheg you just gave yourself 7% per month, not per year!

Answer 12

@satellite73 where it is mentioned in terms of 7% per year

Answer 13

a=4142.06
b=6080.42
c=63022.28
d=4864.34

Answer 14

jordan in this case 7 % PA would be their and according to it answer would be b