Determining a Bank Account Balance

A bank account balance, b, for an account starting with s dollars, earning an annual interest rate, r, and left untouched for n years can be calculated as b = s(1 + r)n (an exponential growth formula). Find a bank account balance to the nearest dollar, if the account starts with $100, has an annual rate of 4%, and the money left in the account for 12 years.
How do I solve this equation?

Question

Determining a Bank Account Balance

A bank account balance, b, for an account starting with s dollars, earning an annual interest rate, r, and left untouched for n years can be calculated as  b = s(1 + r)n (an exponential growth formula).   Find a bank account balance to the nearest dollar, if the account starts with $100, has an annual rate of 4%, and the money left in the account for 12 years. 
How do I solve this equation?

amistre64 · Answer

you solve it by plugging in the value they give you into the spots they tell you they fill.

b = 100 (1 + .04)^12

anonymous · Answer

Ok I understand thank you