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28 October, 06:17

An initial deposit of $1400 earns 11% interest, compounded monthly. How much will be in the account in 3.5 years

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  1. 28 October, 06:25
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    Use the formula A = p (1 + r/n) ^ (nt).

    Here is the set up:

    You want to solve for A.

    A = 1400[1 + (0.11) / (12) ]^ (12) (3.5)

    Plug into calculator to find the value of A.

    A = money in the account after 3.5 years.
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