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tonee12004
tonee12004 asked in Science & MathematicsMathematics · 8 years ago

COLLEGE ALGEBRA HELP PLEASE!?

Melanie invests $9200 in new a savings account which earns 4.3% annual interest, compound monthly. What will be the value of her investment after 6 years. Round to the nearest cent. HELP college algebra is kicking my butt lol :))

1 Answer

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    Lv 7
    8 years ago

    A = p(1 + r/12)^12t => r/12 and 12t (because monthly)

    p: principle

    r: annual rate

    t: time (years)

    A =9200(1 + 0.043/12)^12*6

    =$11902.43

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