The product of an initial investment, I, and the quantity of the sum of 1 and the annual interest rate, r, raised to the power of n, the number of years of the investment, is equal to M, the current amount of money in an investment account.

If an initial investment of $1,028.00 is made to an account with an annual interest rate of 9%, what will be the value of M after 4 years? Round to the nearest cent.
@shinalcantara

Question

The product of an initial investment, I, and the quantity of the sum of 1 and the annual interest rate, r, raised to the power of n, the number of years of the investment, is equal to M, the current amount of money in an investment account.

If an initial investment of $1,028.00 is made to an account with an annual interest rate of 9%, what will be the value of M after 4 years? Round to the nearest cent.
@shinalcantara

shinalcantara · Answer

According to the first paragraph, the formula would be
$$M = I(1+r)^n$$
Substitute the given values. Can you do that @SwaqqOut_KID1

shinalcantara · Answer

I = 1,028
r = 9% or in decimal 0.09
n = 4
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Substitute that and you'll get M

swaqqout_kid1 · Answer

wat am i suppose to do again

shinalcantara · Answer

$$M = I(1+r)^n$$
I = 1,028
r = 9% or in decimal 0.09
n = 4
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Substitute the values and you'll get M
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$$M = 1,028(1+0.09)^4$$
Solve for M