Tasha invests in an account that pays 1.5% compound interest annually. She uses the expression P(1+r)t to find the total value of the account after t years. If Tasha invested $3,000 , what is the value of the account after 5 years? PLEASE HELP!!!!!!!

Question
Answer:
[tex]\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to &\$3000\\ r=rate\to 1.5\%\to \frac{1.5}{100}\to &0.015\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\to &1\\ t=years\to &5 \end{cases} \\\\\\ A=3000\left(1+\frac{0.015}{1}\right)^{1\cdot 5}\implies A=3000(1.015)^5\implies A\approx 3231.852[/tex]
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general 11 months ago 5082