Marcia has a compound interest savings account that she initially deposited $1,300. What is the balance in her account after 2 years if the account paid an annual interest rate of 4.6% and the interest was compounded monthly. You may want to use Excel for doing this calculation. See video

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Marcia has a compound interest savings account that she initially deposited $1,300. What is
the balance in her account after 2 years if the account paid an annual interest rate of 4.6% and the
interest was compounded monthly. You may want to use Excel for doing this calculation. See video
below for help.
Enter the dollar sign, followed by the dollar amount including any cents. Round to the nearest
penny. No space between the dollar sign and the number. Do not use a comma. Example:
$3268.42
The monthly compound interest balance function can be written in it's most general form:
B left parenthesis 1 right parenthesis space equals " P" plus " P" open parentheses r over 12 close
parentheses space times 1
where "P" is the initial principal, or the ending
lance fro
previous time period, r is
annual
interest rate.
The following video may help with answering this question.
Monthly Compound Interest with Excel e
Transcribed Image Text:Marcia has a compound interest savings account that she initially deposited $1,300. What is the balance in her account after 2 years if the account paid an annual interest rate of 4.6% and the interest was compounded monthly. You may want to use Excel for doing this calculation. See video below for help. Enter the dollar sign, followed by the dollar amount including any cents. Round to the nearest penny. No space between the dollar sign and the number. Do not use a comma. Example: $3268.42 The monthly compound interest balance function can be written in it's most general form: B left parenthesis 1 right parenthesis space equals " P" plus " P" open parentheses r over 12 close parentheses space times 1 where "P" is the initial principal, or the ending lance fro previous time period, r is annual interest rate. The following video may help with answering this question. Monthly Compound Interest with Excel e
Marcia has a compound interest savings account that she initially deposited $1,300. What is the
balance in her account after 3 years if the account paid an annual interest rate of 4.6% and the
interest was compounded annually.
Enter the dollar sign, followed by the dollar amount including any cents. Round to the nearest
penny. No space between the dollar sign and the number. Do not use a comma. Example:
$3268.42
The compound interest balance function can be written in it's most general form:
B left parenthesis 1 right parenthesis space equals " P" plus " P" open parentheses r over 1 close
parentheses space times 1
where "P" is the initial principal, or the ending balance from the previous time period, r is the annual
interest rate.
The following video may help with answering this question.
Compound Interest Example e
Transcribed Image Text:Marcia has a compound interest savings account that she initially deposited $1,300. What is the balance in her account after 3 years if the account paid an annual interest rate of 4.6% and the interest was compounded annually. Enter the dollar sign, followed by the dollar amount including any cents. Round to the nearest penny. No space between the dollar sign and the number. Do not use a comma. Example: $3268.42 The compound interest balance function can be written in it's most general form: B left parenthesis 1 right parenthesis space equals " P" plus " P" open parentheses r over 1 close parentheses space times 1 where "P" is the initial principal, or the ending balance from the previous time period, r is the annual interest rate. The following video may help with answering this question. Compound Interest Example e
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