A community for students.
Here's the question you clicked on:
 0 viewing
ButterflyHope
 one year ago
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 :))
ButterflyHope
 one year ago
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 :))

This Question is Closed

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0ok, so the formula of this equation is A=P(1+R/N)^nt

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0A is the ending amount

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0P is the amount invested

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0n is the number of compoundings per year

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0t is total number of years

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0now we substitute A=5000(1+.1/4)^16

anonymous
 one year ago
Best ResponseYou've already chosen the best response.01.25^16 is ~35.5 Then we multiply by 5000

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0So around 177k. He made a really good investment lol ;)

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0OH wait. I was wrong. equation is A=5000(1+ .010/4)^16

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0that would be around 1.17 x 5000

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Final answer is 5863. Good luck :)
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.