Angela invest $2550 at 3% interest rate compounded annually. what will the balance in the account be after 1.5 years?
2 answers
Question:
Angela invest $2550 at 3% interest rate compounded annually. what will the balance in the account be after 1.5 years?
Answers
The formula for compound interest is as follows:
A = P (1 + r/n)^(nt)
A is the total money, P is the initial amount, r is the annual interest rate, n is the number of times a year the interest is compounded, and t is the years for which the money is invested.
Let's plug in your numbers.
A = 2550 + (1 + 1.03/1)^(1*1.5)
Simplify what's in the parentheses.
A = (2550) + (2.03)^(1.5)
Now take 2.03 to the power of 1.5.
A = (2550) + 2.89230479
Add.
A = 2552.8923
Which comes to roughly $2552.89.
P = 2550 r = .03 t = 1.5
i = 2550(.03)(1.5)
i = 114.75
2550 + 114.75 = 2664.75
B) $2664.75
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