Question

15. Find the balance in the account.

$2,550 at 3% compound interest for 18 months (1 point)
$2,664.75
$2,665.61
$2,665.61
$2,689.35

Answer 1

So...

A=P(1+(r/n))^(nt)

P = principal amount (the initial amount you borrow or deposit)
r = annual rate of interest (as a decimal)
t = number of years the amount is deposited or borrowed for.
A = amount of money accumulated after n years, including interest.
n = number of times the interest is compounded per year

Answer 2

Can you be more specific please?

Answer 3

If it is compound interest how often are they adding the interest?

Answer 4

18 months.

Answer 5

For example here is a worked problem:

http://qrc.depaul.edu/StudyGuide2009/Notes/Savings%20Accounts/Compound%20Interest.htm

Answer 6

Can you help more?

Answer 7

See how in that problem it says it is compounded quarterly?

You would need to know how often they are compounding it, if you just say 3% growth over 18 months you dont know how often they are giving you the 3% interest

Answer 8

I don't understand.

Answer 9

A=P(1+(r/n))^(nt)

In this equation, you know

P=2550
r=0.03
t=18 months or 1.5 years
n=??

You would need to know how often they are compounding the interest to your total amount

Answer 10

Oh ok. Hold on.

Answer 11

still need my help

Answer 12

Yes please?

Answer 13

well @edlevin gave you the formula A=P(1+(r/n))^(nt)

Answer 14

My son is only in 7th grade.

Answer 15

thats still a good formula to use for it..

Answer 16

I still get a totally different answer.

Answer 17

what answer do you get?

Answer 18

like 1,000

Answer 19

Can you give me the answer and then explain to me how you got it? That way for next time I will know what to do.

Answer 20

From there we simplify

Answer 21

simplify more by having the order of operation in mind.

Answer 22

Do you know the answer?

Answer 23

I am getting 2667.22 for the final answer given what is in the problem

Answer 24

i think this might work instead
A=Pe^(rt)
the P is the 2550
the r is the .03
and the t is the 18

Answer 25

I got 1,377 as my answer.

Answer 26

so it would be
A=2550e^.54

Answer 27

@Hope_nicole That is compound continuously, I dont think the problem is doing that, but it could, the questions is not completely clear :P

Answer 28

@Eminem1 Are those multiple choice answers you listed there? two of them are the same.

Answer 29

That's how they are on my test.

Answer 30

I think the test has a mistake then if two answers are the same, one of them should be 2667.22

Answer 31

^agreed because thats what i got.

Answer 32

Is that the correct choice

Answer 33

How did you get it?

Answer 34

look at the steps above

Answer 35

The work is shown above, i would think C is the right answer since they are in increasing order, must be a type-o :P

Answer 36

Ok. Sorry. It says that on my test.All I did was copy and paste.

Answer 37

What?

Answer 38

What do you mean?

Answer 39

hes saying that they probably had a typo so you should tell your teacher or just pick C

Answer 40

^yes :)

Answer 41

What school do you guys go to?

Answer 42

Connections Academy

Answer 43

What state?

Answer 44

why?

Answer 45

I go to it too.

Answer 46

You two in the same class? :P

Answer 47

No. They are divided into states.

Answer 48

Ah, gotcha, well best of luck with that problem :)

Answer 49

Thanks.