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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.
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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.

User Krunal Limbad
by
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1 Answer

4 votes
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
User FrancescoC
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7.9k points
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