# Krystal was given $3000 when she turned 2 years old. Her parents invested it at a 2% interest rate compounded annually. How do you write an expression to determine how much money she had in the account when she turned 18?

##### 1 Answer

May 13, 2018

#### Explanation:

**1) The formula for compound interest:**

**2) Substitute:**

P is principal amount (

r is rate of interest (

n is number of times interest is compounded every year (

t is the number of years (

**3) Evaluate:**

**4) Round up to two decimal places because this is money, then add unit:**