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08-10-2019
Mathematics

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An initial deposit of $1400 earns 11% interest, compounded monthly. How much will be in the account in 3.5 years

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harpazo harpazo

08-10-2019

Use the formula A = p(1 + r/n)^(nt).

Here is the set up:

You want to solve for A.

A = 1400[1 + (0.11)/(12)]^(12)(3.5)

Plug into calculator to find the value of A.

A = money in the account after 3.5 years.

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