imoj1araannamaish imoj1araannamaish

11-12-2016
Mathematics

Answered

Suppose that $14,000 is invested in a savings account paying 5.2% interest per year.

AWrite the formula for the amount A in the account after t years if interest is compounded monthly.

Verified Answer :

simono860s simono860s

11-12-2016

A=P(1+R%)^n
P=$14000, R=5.2%, t=t/12
hence
A=14000(1+5.2/100)^(t/12)
=14000(1.052)^t/12

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