Could really use assistance with this problem, first to help me out gets best answer?

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Determine the amount of an investment if $1,000 is invested at an interest rate of 11.2% compounded monthly for 45 years.

2007-12-17 05:46:42 · 2 answers · asked by Anonymous in Science & Mathematics ➔ Mathematics

A = P(1 + r/n)^nt
A = 1000 (1 + .112/12)^ (12*45)
A = $150,901.20

2007-12-17 05:58:17 · answer #1 · answered by chcandles 4 · 0⤊ 0⤋

$1,000 (1+0.112*12)^45

use log or pow function for the result

2007-12-17 13:52:26 · answer #2 · answered by iyiogrenci 6 · 0⤊ 1⤋