Question

What is A if r = 0.005, t = 300, and P = $2500.00? Use A = P(1 + r)t.
A. $2,530.89
B. $10,780.45
C. $11,162.42
D. $12,172.35

Answer 1

don't you have a calculator?

Answer 2

Dear Best In The West,
Why not substitute the given values for r, t and P into the given equation? Type out for us what you're doing, so that someone can give you appropriate feedback on your work.

Answer 3

Well... first you put the number in the places in which they are supposed to be placed..

Answer 4

Do u know what it would look like?

Answer 5

no.

Answer 6

A= P(1+r)t

A=2,500(1+.005) * 300

Answer 7

Remember PEMDAS?

Answer 8

lol, yes.

Answer 9

okay so use it.

Answer 10

what goes first?

Answer 11

I think he means A= P(1+r)^t (and not A= P(1+r)t)
this is an equation for finding how something grows exponentially ( like money in the bank) at a rate r

Answer 12

Dear @bestinthewest :
Mind double-checking to ensure that you've copied this problem down correctly:
What is A if r = 0.005, t = 300, and P = $2500.00? Use A = P(1 + r)t.

Is t really 300 years? None of us will live that long. :)
Also, r=0.005 signifies 1/2 of one percent. That's a bit more likely.
Lastly, did you mean A=P(1+r)t or
\[A=P(1+r)^{t}\]

I strongly suspect that you meant the latter.

Answer 13

Supposing that P = 2500, r = 0.01, and t = 5 years, then after 5 years of compounding annually at the rate 1%, you would end up with

\[A=2500(1+.01)^{5}\]

Hope this example helps you to solve the problem given you.