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- YOU DEPOSIT $5,500 INTO A BANK THAT PAYS 3% ANNUAL INTEREST COMPOUNDED MONTHLY. WHAT EQUATION CAN BE USED TO DETERMINE THE ACCOUNT BALANCE AFTER T YEARS? WHAT IS THE ACCOUNT BALANCE AFTER TWO YEARS? AND WHEN WILL THE BALANCE docHub $6,000? SO WELL BE USING THE COMPOUNDED INTEREST FORMULA GIVEN HERE BELOW WHERE P REPRESENTS THE PRINCIPLE OR INITIAL INVESTMENT AMOUNT, R IS THE ANNUAL INTEREST RATE EXPRESSED AS A DECIMAL. N IS THE NUMBER OF COMPOUNDS PER YEAR. NOTICE HOW N OCCURS HERE AND HERE IN THE EXPONENT. T IS THE TIME IN YEARS, AND A IS THE AMOUNT AFTER T YEARS. SO TO FIND THE EQUATION THAT MODELS THIS ACCOUNT BALANCE WILL HAVE A = THE PRINCIPLE, A STARTING AMOUNT OF $5,500 x THE QUANTITY 1 + THE ANNUAL INTEREST RATE EXPRESSED AS A DECIMAL. 3% AS A DECIMAL WOULD BE 0.03. REMEMBER WE DROP THE PERCENT SIGN AND THEN DIVIDE BY 100 OR MOVE THE DECIMAL POINT TO THE LEFT TWO PLACES. N IS THE NUMBER OF COMPOUNDS PER YEAR. ITS COMPOUNDED MONTHLY, AND THERE ARE 12 MON