if you put 3500 dollars into a bank account for 26 years at 1.8% interest how much will you end up with?

Question

I need to see the work as well as the answer,please

Answer 1

Kama, assuming the bank account accrues interest monthly...

 

A = P(1 + r/n)^nt

 

P is the primcipal amount

r is the rate as a devimal

n is the number of times compounded annually

t is the number of years

 

A = 3600(1 + .018/12)¹²⁽²⁶⁾

 

Throw that into your calculator for an answer!