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]
solved
general
11 months ago
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