Question

In 2015 Tim has $300,000 invested in a retirement account that pays 5% interest compounded monthly. Give an equation that models the situation above.

Answer 1

Please look up the formula for "Amount," given "principal," annual interest rate, number of compounding periods per year, and length of time.

Answer 2

A=P( ??? )^( ?? )

Answer 3

5/100 = .05

Answer 4

thats your r= .05

Answer 5

Please copy this down for later reference. Believe me, Marcelie, you'll need it:

\[A=P(1+\frac{ r }{ n })^{nt}\]

Answer 6

If you're unsure of how to use this equation, ask questions.

Answer 7

yes indeed lol i easily forget things D: