Question

PLEASE HELP ASAP!!!

Answer 1

Explanation:

Any time you have compounding more than once a year (which is annually), unless we are talking about compounding continuously, you will use the formula

`A(t)=P(1+(r)/(n))^((n)(t))`

Here's what we have:

The amount after a certain time that she has in the bank is 4672.12; that's A(t).

The interest rate in decimal form is .18; that's r.

The number of times the interest compounds is 12; that's n

and the time that the money is invested is 3.5 years; that's t.

Filling all that into the formula:

`4672.12=P(1+(.18)/(12))^((12)(3.5))` Simplifying it down a bit:

`4672.12=P(1.015)^(42)` Raise 1.015 to the 42nd power to get

4672.12 = P(1.868847115) and divide to get P alone:

P = 2500.00

She invested $2500.00 initially.