A. Find how much money there will be in the account after the given number of years. P=$5500 r=8% or 0.08 t=3 years n=4 (quarterly) Using the following equation: A=P(1+r/n)nt A= 5500(1+0.08/4)4(3) This is where I get stuck, my calculations are off and I don't know why.. A=5500(1.08/4)12 A=5500(0.27)12 I cannot figure out why my calculations are off at this point, please help me understand what I am doing incorrectly.
A. Find how much money there will be in the account after the given number of years. P=$5500 r=8% or 0.08 t=3 years n=4 (quarterly) Using the following equation: A=P(1+r/n)nt A= 5500(1+0.08/4)4(3) This is where I get stuck, my calculations are off and I don't know why.. A=5500(1.08/4)12 A=5500(0.27)12 I cannot figure out why my calculations are off at this point, please help me understand what I am doing incorrectly.
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section5.2: Exponential Functions
Problem 49E
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A. Find how much money there will be in the account after the given number of years.
P=$5500
r=8% or 0.08
t=3 years
n=4 (quarterly)
Using the following equation:
A=P(1+r/n)nt
A= 5500(1+0.08/4)4(3)
This is where I get stuck, my calculations are off and I don't know why..
A=5500(1.08/4)12
A=5500(0.27)12
I cannot figure out why my calculations are off at this point, please help me understand what I am doing incorrectly.
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