grr stupid algebra i dont understand. "Robin invests $1500 at 4.85% compounded quarterly" and 1 is ' write an equation to represent how much he will save in n years" and the other is "how much will robin have in 12 years" i am very confused and need help please!
+118723 Robin invests $1500 at 4.85% compounded quarterly
the compound interest formula is
$$FV=PV(1+\frac{r}{t})^{nt}$$
SO
FV = future value
PV = present value
n = number of years
r is the annual interest rate (as a decimal)
t is the number of times it compounds every year.
Your problem:
Robin invests $1500 at 4.85% compounded quarterly
t=4 (because it compounds 4 times a year)
r = 4.85/100=0.0485
$$FV = 1500(1+\frac{0.0485}{4})^{4n}$$
https://qrc.depaul.edu/StudyGuide2009/Notes/Savings%20Accounts/Compound%20Interest.htm
Should be able to help you.
+118723 Robin invests $1500 at 4.85% compounded quarterly
the compound interest formula is
$$FV=PV(1+\frac{r}{t})^{nt}$$
SO
FV = future value
PV = present value
n = number of years
r is the annual interest rate (as a decimal)
t is the number of times it compounds every year.
Your problem:
Robin invests $1500 at 4.85% compounded quarterly
t=4 (because it compounds 4 times a year)
r = 4.85/100=0.0485
$$FV = 1500(1+\frac{0.0485}{4})^{4n}$$
