You deposit $18,000 into a savings account at a bank that has a rate of 66% compounded monthly. Find the amount of money in the account after 44 years.

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27-10-2017
Mathematics

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You deposit $18,000 into a savings account at a bank that has a rate of 66% compounded monthly. Find the amount of money in the account after 44 years.

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ktreyb ktreyb · Answer 1 · 2017-10-27T23:20:00+02:00

Equation you are going to use is [tex]A = P(1+ \frac{r}{n}) ^{nt} [/tex] where A is the amount earned, P is the initial/principal amount, R is the rate, N is the number of periods the amount is compounded, and t is the time in years.

P = 18000, R = 66% or .66, N = monthly so 12, T = 44 years.

So plugging it we get [tex]A = 18000( 1 + \frac{.66}{12})^{44*12} [/tex].

Type that into your calculator or an excel sheet for your answer. My calculator (a TI-36X Pro) gives me 3.40856195[tex] _{E} [/tex]16 which isn't a very practical answer for money calculations.

You deposit ​$18,000 into a savings account at a bank that has a rate of 66​% compounded monthly. Find the amount of money in the account after 44 years.

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You deposit $18,000 into a savings account at a bank that has a rate of 66% compounded monthly. Find the amount of money in the account after 44 years.