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OpenStudy (anonymous):
Chelsea invested $15,000 at 4% interest compounded annually. How much interest will she earn in 4 years?
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OpenStudy (anonymous):
Pe^(rt) P=principle r= rate t=# years
OpenStudy (anonymous):
She'll get 17602.66 in the end, so interest wise, it;s 2602.66
OpenStudy (anonymous):
A = P(1+0.04)^4 = 15000(1.04)^4 = 15000(1.17) = 17548 Interest = Amount-Principal
OpenStudy (anonymous):
Pe^rt is continuous compounding, you'll want to use douglas's formula
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