1. ## A=P(1+r/n)^(n*t) Help?

I missed the class we discussed this, could someone help me with it? thanx alot.

Use the formula A = P ( 1+r/n ) ^(n*t)

A=P(1+r/n)^(n*t)
to find the amount of money in an IRA
account after 55 years if $350 is deposited into a savings account at 6.75% interest per year but compounded daily, so n=365. 2. Originally Posted by AFan I missed the class we discussed this, could someone help me with it? thanx alot. Use the formula A = P ( 1+r/n ) ^(n*t) A=P(1+r/n)^(n*t) to find the amount of money in an IRA account after 55 years if$350 is
deposited into a savings account
at 6.75% interest per year but
compounded daily, so n=365.
All you do here is pretty much "plug-n-chug":

$\displaystyle A=350\left(1+\frac{0.0675}{365}\right)^{365(55)}$

Use your calculator to approximate this value.

--Chris

3. would it be 20594.10? thats tricky when punching it in on the calculator.. lol

4. Originally Posted by AFan
would it be 20594.10? thats tricky when punching it in on the calculator.. lol
I get 14329.70.

How did you plug it into the calculator?

--Chris

5. 350(1+(0.0675/365))^365(55)

6. Originally Posted by AFan
350(1+(0.0675/365))^365(55)
Ah...be careful with this:

This is how the calculator interprets this:

$\displaystyle 350\left(1+\frac{0.0675}{365}\right)^{365}\cdot 55$

It should be 350(1+(0.0675/365))^(365(55))

--Chris

7. Wow, you are absolutely amazing do u know that?? lol I got ur answer, thank you so much... this place is incredible just absolutley wonderful!!!! lol