Question #55b15
1 Answer
Oct 1, 2017
Explanation:
The formula for calculating compound interest is:
where
A = future value of investment, including interest
P = principal investment or initial deposit
r = annual interest rate in decimal
n = the number of times that interest is compounded in 1 year
t = the number of years the money is invested
For this question:
Plugging everything into the equation:
Make sure to calculate what is in the brackets and raise it to the power of