Question

WILL GIVE MEDAL!!

You invest 3,200 in an account that pays interest rate of %7.25, compound contentiously.

Calculate the balance of you account after 12 yrs. Round your answer to the nearest hundredth.

I got 272471, is that correct??

Answer 1

@jim_thompson5910

Answer 2

A = P*e^(r*t)

A = 3200*e^(0.0725*12)

A = 7,638.11473128001

A = 7,638.11

So the balance in 12 yrs is $7,638.11

Answer 3

not sure how you got that number, but it's definitely way too high

Answer 4

i dont understand what i am doing wrong:/

Answer 5

how did you type it in?

Answer 6

3200*e^7.025*12

Answer 7

i see, that 7.025 should be 0.0725

Answer 8

AI=P+PRT

Answer 9

and make sure you surround 0.0725*12 in parenthesis

Answer 10

okay thank you!

Answer 11

np