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Old 07-28-2007   #2
detamac
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P = C (1 + r) twhere P = future value C = initial deposit r = interest rate (expressed as a fraction: eg. 0.06) n = # of times per year interest in compounded t = number of years invested(a) P = C (1 + r) tP = 300(1 + .08)18P = 300(1.08)18P = $5832(b) 25000 = 500(1 + .08)t25000 = 500(1.08)t25000 = 540t25000/540 = (540/540)t46.30 = t --> on his 47th birthday the total investment will be more than $25000 for the first time