How much money will there be in an account at the end of 7 years if $7,000 is deposited at 3%.The interest is compounded quarterly.
The formula is A=P(1+r/n)^nt
p=7,000 r=0.03 n=4 t=7
thats the information fot that equation...can someone plzzz help me???????
2006-12-07 08:32:19 · 5 answers · asked by mixedbeauty2007 2 in Science & Mathematics ➔ Mathematics
Plug and chug.
A = 7000(1 + .03/4)^(4*7)
A = 7000(1.0075)^28
A = $8628.98
2006-12-07 08:35:39 · answer #1 · answered by Jim Burnell 6 · 0⤊ 0⤋
Short answer: 8628.98
To understand: you want to plug in all the known numbers to find the unknown. In this case your equation would be set up as A=7000*((1+(.03/4))^(4*7)) if you have a graphing calculater this is easy to put the whole thing in and it gives you the answer A=8628.98. If not I suggest doing the pieces i.e. insides followed by outside functions. Either way you get the same thing.
2006-12-07 08:50:46 · answer #2 · answered by Eric 1 · 0⤊ 0⤋
A = (7000)(1+0.03/4)^(4)(7)
A = $8,628.98
That's it!
Good luck!
2006-12-07 08:39:46 · answer #3 · answered by CHESSLARUS 7 · 0⤊ 0⤋
x=7000(1.0075)^28=8628.98
2006-12-07 08:47:59 · answer #4 · answered by yupchagee 7 · 0⤊ 0⤋
8628.98
2006-12-07 08:38:07 · answer #5 · answered by photojenny 2 · 0⤊ 0⤋