The formula A=P(1+(r)/(n))^(nt) describes the accumulated value, A, of a sum of money, P, the principal, after t years at annual percentage rate r (in decimal form) compounded n times a year. Complete the table for a savings account subject to n compounding periods per year.
able[[ able[[Amount],[Invested]], able[[Number of],[Compounding Periods]], able[[Annual Interest],[Rate]], able[[Accumulated],[Amount]], able[[Time t],[in Years]]],[$14,000,4,4.75%,$25,000,?
The formula A=P
describes the accumulated value,A,of a sum of money,P,the principal,after t years at
to n compounding periods per year.
Amount Invested $14,000
Number of
Annual Interest Accumulated Time t Compounding Periods Rate Amount in Years 4 4.75% $25,000 ?
27 years (Do not round until the final answer.Then round to one decimal place as needed.)