compund interest check

• Nov 21st 2008, 03:10 PM
rj2001
compund interest check
I have 19,000 put it in an account that pays 7.75 % interest compunded quarterly how much will my money be in 7 years?

I used this formula

A= P (1 + (r/h) )^4t

19000[1+(7.75/4)]^4t

19000(2.94)^4t

calced it got 1564080? right
• Nov 21st 2008, 03:27 PM
TKHunny
Wow! I hope not.

Try 7.75% = 0.075 and give it another go.
• Nov 21st 2008, 04:14 PM
rj2001
which do I input in the calc? A or B?
• Nov 21st 2008, 05:15 PM
TKHunny
Guessing is a hard business. You seem not to know that t = 7.

Please avoid unnecessary rounding. 0.0775/4 = 0.019375 NOT whatever you have written in "B".
• Nov 21st 2008, 05:57 PM
rj2001
graphinc calculator help
when i type 0.0775/4 on my graphing calculator I get .02 ?!

when i graph it on a regular calulator I got what you got

I pressed mode on my Ti83 plus calculator and Under FLOAT its on 2 is it suppose to be somewhere else? 0 maybe?
• Nov 21st 2008, 05:59 PM
rj2001
yeah got it now

7 years 542307.5