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A=6,000(1+0.14/12)^(12)(2)
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and?
and?
A little bit of reverse engineering. Let me guess the original question: $6,000 is invested in an account that has an annual interest rate of 14% compounded monthly. What will be the amount in the account after 2 years? If that is the question then you have the numbers correctly plugged in. All you need to do is use a calculator to compute A.
^ Woah :)
I think that's correct reverse engineering, but it should be written A=6000(1+0.14/12)^(12*2) and entered that way if you have a calculator that understands the order of operations. exponentiation happens before multiplication.
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Yes, whpalmer4.
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