Suppose that $14,000 is invested in a savings account paying 5.2% interest per year.

(a) Write the formula for the amount A in the account after t years if interest is compounded monthly.

Question

Tatiana Simpson

3 May, 12:31

+2

Answers (1)

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Mckenna Rocha · Answer 1

A=P (1+R%) ^n

P=$14000, R=5.2%, t=t/12

hence

A=14000 (1+5.2/100) ^ (t/12)

=14000 (1.052) ^t/12

Suppose that $14,000 is invested in a savings account paying 5.2% interest per year.(a) Write the formula for the amount A in the account after t years if interest is compounded monthly.