Question

HELP!!! Misty deposited $6,625 into a savings account 16 years ago. The account has an interest rate of 4.1% and the balance is currently $12,724.27. How often does the interest compound?

Answer 1

y=ab^x.
A is the initial amount, b is the interest rate, and x is the time. y is obviously the amount that you have.
Does that help at all?

Answer 2

@halorazer, no that formula won't help. It's asking for how often the interest gets compoundedper year

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

A = $12,724.27.
P = $6,625
r = 0.041
t = 16
n = to be found

Answer 3

I think.

y=6,625(0.041/12)^16
y=6,625(0.0034)^16
y=6,625 (3.19)
y=21,133.45 ?

Then add that to the initial amount? (I know it's not the answer: what's left is annually, quarterly and daily.)

That's how you do it, right?

Answer 4

sourwing is correct, I am sorry. D; disregard what I said. Use pert.

Answer 5

Oh okay. :) So....

12,724=6,625(1+0.041/n)^16n ?

But how do you work with those n's ????

Answer 6

*12,724.27 sorry.

Answer 7

@sourwing

Answer 8

there is no algebraic way to solve for n. You will have to graphing it using a graphing calculator. n = 4

Answer 9

Oh. Okay. And I plugged in all the answer choices the question gave me and I got 4! Thank you! :)