Question

Kay plans to put her graduation money into an account and leave it there for 54 months while she goes to college. She receives 1750$ in graduation money that she puts into an account that earns 6.2% interest. How much will be in Kay's account at the end of 54 months?

Answer 1

@UnkleRhaukus

Answer 2

is it monthly interest ?

Answer 3

um yes

Answer 4

'54 MONTHS'
We use I=PRT

Answer 5

?

Answer 6

right so

P is the Principal investment ie 1750$

R is the interest Rate is 6.2%

and
T is the number of time periods is 54

Answer 7

TNX

Answer 8

what would the answer b?

Answer 9

i dont know

Answer 10

we have to turn months into yrs. 54 months = 4.5 yrs

Answer 11

@satellite73

Answer 12

@mathstudent55

Answer 13

The problem with this question is that it states only "an acount that earns 6.2% interest." Is that annual interest? Is it simple interest? If it is compound interest how often is it compounded?

Answer 14

I got 488.25

Answer 15

its monthly, i think.

Answer 16

It doesn't say, does it?

Answer 17

what did u get?

Answer 18

please help.

Answer 19

yes, i know the formula

Answer 20

i used it and got the answer ^ but its not an answer choice.

Answer 21

488.25

Answer 22

Did you get an answer?

Answer 23

Before you do anything, did you read the question carefully? If she deposits $1750 in her account, and she earns interest, how can she end up with only $488.25, much less than she started with?

Answer 24

oh.

Answer 25

you ADD IT!!!!!!!!

Answer 26

OMG... Ok. let me see.

Answer 27

2238.25?!

Answer 28

Is that an answer?

Answer 29

yes