Math Problem Statement

  1. How much was deposited in Emily’s account if it grew to $7,626 with a 4.2% interest rate, compounded monthly, after 6 years and 9 months? (Hint: For t, don’t just put in 6. Put in a value for t that represents 6 years, 9 months as a decimal. In other words, what is “9 months” as a decimal?)

Solution

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Math Problem Analysis

Mathematical Concepts

Compound Interest
Decimal Conversion
Exponents

Formulas

Compound Interest Formula: A = P(1 + r/n)^(nt)

Theorems

Compound Interest Theorem

Suitable Grade Level

Grades 9-12