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anonymous
 one year ago
How much would $300 invested at 4% interest compounded monthly be worth after 8 years? Round your answer to the nearest cent.
here's the equation: A(t)=P(1+r/n)^nt
i just don't know what to put where please help
anonymous
 one year ago
How much would $300 invested at 4% interest compounded monthly be worth after 8 years? Round your answer to the nearest cent. here's the equation: A(t)=P(1+r/n)^nt i just don't know what to put where please help

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anonymous
 one year ago
Best ResponseYou've already chosen the best response.0@Hero @mathstudent55

Hero
 one year ago
Best ResponseYou've already chosen the best response.1What I mean to ask is, what do you think each variable in the formula means?

Hero
 one year ago
Best ResponseYou've already chosen the best response.1Obviously t is in years, so 8 = t. You probably know that much at least.

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0is it a(8)=300(1+.06/1)^8 ??

Hero
 one year ago
Best ResponseYou've already chosen the best response.1The 300 and the 8 is correct.

Hero
 one year ago
Best ResponseYou've already chosen the best response.1There's more to it of course.

Hero
 one year ago
Best ResponseYou've already chosen the best response.1Okay, so the P is for the principal, which you figured out is $300. The r is the interest rate which is 4% or .04. And the n represents number of times compounded. You figure that out by multiply 8 years times 12 months per year. So n = 96.

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0so 8=300(1+.04/1)^96?

Hero
 one year ago
Best ResponseYou've already chosen the best response.1Where do you get the "1" underneath the fraction? Isn't that supposed to be "n". What did we say n equals?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0oh oops. 8=300(1+.04/12)^96 ?

Hero
 one year ago
Best ResponseYou've already chosen the best response.1So n represents number of times compounded per year which is 12. So A(8) = 300(1.04/12)^{96} is correct.

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0is it 1.04 for the numerator? or 1+ .04/12?

Hero
 one year ago
Best ResponseYou've already chosen the best response.1Actually you have it right it's 1 + .04/12

Hero
 one year ago
Best ResponseYou've already chosen the best response.1I admit, I'm a little distracted atm. Not fully paying attention.

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0okay. how do i solve it?

Hero
 one year ago
Best ResponseYou've already chosen the best response.1At this point, it's just plug and play if you have the right calculator you should be able to calculate A(8).

Hero
 one year ago
Best ResponseYou've already chosen the best response.1You're finding A(8). Everything on the right side of the equation only has to be calculated.

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0\[A(8)=300(1+\frac{ .04 }{ 12 })^96\]

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0like this? i tried to put the 6 up next to the 9 but it didn't work

Hero
 one year ago
Best ResponseYou've already chosen the best response.1\(A(8)=300\left(1+\dfrac{ .04 }{ 12 }\right)^{96}\)

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0i keep getting 51.61

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0the answer choices are a) $412.92 b) $410.57 c) $308.10 d) $484.25

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0oh! okay. i see how you got that. thank you!!
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