Use the compound interest formula to determine the final value of the following amount.
$1300 at 11.9% compounded monthly for 2.5 years.
What is the value of the amount?

Question

Use the compound interest formula to determine the final value of the following amount.
$1300 at 11.9% compounded monthly for 2.5 years.
What is the value of the amount?

anonymous · Answer

I'm thinking something like A=1300(1.119/12)^12*2.5
???

anonymous · Answer

$$I = P(1 + \frac rn)^{nt}$$
Where:
P = Principal
r = rate in decimal form
n = number of times compounded in a year
t = number of years

anonymous · Answer

What goes in the parenthesis?
(1+12/.119x12)

anonymous · Answer

One thing is off. Your term inside the parentheses.
Inside the parentheses is 1 + 0.119/12 which is 1 + 0.00991666...

anonymous · Answer

Can you take it from here?

anonymous · Answer

So...
     A=13000(1.009916667)^30
So...
     17478.72??

anonymous · Answer

I got 1747.8716

anonymous · Answer

I typed 13000

anonymous · Answer

There's the problem :)

anonymous · Answer

Ugh...these are terrible.  Thank you very much

anonymous · Answer

You're welcome :)