CPM Homework Help : PC Problem 8-55

Write an expression for each of the following situations. You do not need to calculate the values, just write the expressions. Homework Help ✎
1. How much money will you have after 5 years if $1050 is invested at 7% annual interest, compounded quarterly?
2. How much money will you have after 10 years if $5000 is invested at 8.2% annual interest, compounded monthly?
3. How much money will you have after t years if P dollars are invested at r% annual interest, compounded n times per year?

Step (a):

$1050\left(1+\frac{0.07}{4}\right)^{4\cdot5}$

Step (b):

$5000 \left( 1+\frac{0.082}{12} \right)^ {120}$

Hint (c):

$1. \ \ P\text{ is the initial amount.}$

$2. \ \ 1 + \frac{r}{100n}\text{ is the multiplier.}$

$3.\ \ nt \text{ is the number of times it will be compounded.}$