Math problem

Question

Find the total amount a college student has in savings account if $17,000 was invested and earn 4% compounded quaterly for 6 years use A=P(1+ r/h) the amount after for years will be $ ???

Answer 1

The formula you have here is not correct.

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

 

In this problem plugging in

P=17,000, Principal-initial amount

r=.04

n=4, number of times compounding done in a year

t=6, number of years 

 

into the formula will give you the result.