Question

help pweaseeeeeeeeeeee

You put $600 in a savings account with an APR of 4.2% that compounds quarterly. Assume you do not make any other deposits or withdrawals

a. How much money is in the account after 3 years? Either copy and paste your table or show your calculation.

b. About how long will it take for your money to double?

Answer 1

@phi @amistre64 @unklerhaukus @cwrw238

Answer 2

is APR the same as interest? or is that something else?

Answer 3

yea annual percentage rate

Answer 4

are you spose to do this recursively? or can you just use the formula for compounding interest?

Answer 5

i needa know if my answers are right i got
1 625.5997
2 652.2916
3 680.1224

Answer 6

and for second question i got 16-17 years

Answer 7

your 123s look fine to me

Answer 8

might wanna round to them tho

Answer 9

and yeah, it takes over 16 but less than 17 years

Answer 10

if you change the time to months, instead of years, you can prolly get a more exact time

Answer 11

or

A=P(1+r/n)^(nt)

A/P = (1+r/n)^(nt)

log_{1+r/n}(A/P) = nt

(log_{1+r/n}(A/P))/n = t

(ln(A/P))/(n ln_{1+r/n}) = t

(ln(2))/(4 ln(1+.042/4)) = t = 16.59 years