Question

A savings certificate of $1700 pays 4.5% annual interest compounded yearly. What is the balance when the certificate matures in 5 years?

Answer 1

2118.25
:)

Answer 2

how did you get that ;)

Answer 3

Oowweee Lol

B n =B o (1+r n ) nt

in this case n=1 since its once per year
and t = 5 since its for 5 years

Bo is your initial balance: 1700 in this case.
and r is the rate that gets compounded. but make sure you use the decimal format and not the % format

Now If You Put EVERYTHING In The RIGHT PLACE , Lol You Get
1700(1+.045)^5

And If You Calculate Right You Get 2118.25

^_^