At the time of her grandson's birth, a grandmother deposits $12000 in an account that pays 4% compounded monthly. What will be the value of the account at the child's twenty-first birthday, assuming that no other deposits or withdrawals are made during this period? This is what I have thus far: P=12000 r=4% = 0.04 t=21 (#of years) n=12 (monthly) A=12000(1+0.04/12)12(21) A=12000*1.003 = 1203612(21) having trouble calculating the exponents. I am getting $25527.98, but answer is $27758 and I don't know what I am doing wrong, please help
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
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Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
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At the time of her grandson's birth, a grandmother deposits $12000 in an account that pays 4% compounded monthly. What will be the value of the account at the child's twenty-first birthday, assuming that no other deposits or withdrawals are made during this period?
This is what I have thus far:
P=12000
r=4% = 0.04
t=21 (#of years)
n=12 (monthly)
A=12000(1+0.04/12)12(21)
A=12000*1.003 = 1203612(21)
having trouble calculating the exponents. I am getting $25527.98, but answer is $27758 and I don't know what I am doing wrong, please help
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