ButterflyHope
  • ButterflyHope
Urgent *WILL MEDAL*: James invested $5000 in a money market account that earns 10% interest compounded monthly. Which equation can be used to find the balance in James's account at the end of 4 years? Thanks :))
Mathematics
schrodinger
  • schrodinger
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anonymous
  • anonymous
ok, so the formula of this equation is A=P(1+R/N)^nt
anonymous
  • anonymous
A is the ending amount
anonymous
  • anonymous
P is the amount invested

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anonymous
  • anonymous
r is the rate
anonymous
  • anonymous
n is the number of compoundings per year
anonymous
  • anonymous
t is total number of years
anonymous
  • anonymous
If its monthly n=4
anonymous
  • anonymous
now we substitute A=5000(1+.1/4)^16
anonymous
  • anonymous
1.25^16 is ~35.5 Then we multiply by 5000
anonymous
  • anonymous
So around 177k. He made a really good investment lol ;)
anonymous
  • anonymous
OH wait. I was wrong. equation is A=5000(1+ .010/4)^16
anonymous
  • anonymous
that would be around 1.17 x 5000
anonymous
  • anonymous
Final answer is 5863. Good luck :)

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