Question

What is the final balance for the investment?

$20,000 for 3 years at 5% compounded annually

Answer 1

@Whitemonsterbunny17 @quirkymalik @HelpBlahBlahBlah @helpme1.2 @happinessbreaksbones @halorazer

Answer 2

@forgottensoul @wagnermar @satellite73 @coolsday @christianfilms11 @gabylovesu @HMT

Answer 3

Do you know how to do the interest equation?

Answer 4

no i need some one to help me like to show me so i can do it with them or some thing

Answer 5

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

Answer 6

@Mindblast3r i did not get that like on how to do that:/

Answer 7

\[A=P(1+\frac{ r }{ n }) \] to the n * t.

Answer 8

So what do you want the answer, or you want to learn how to do it on your own?

Answer 9

like learn how

Answer 10

Where P is the starting amount, r is the interest rate, t is the number of years, and n is how many times you do it per year.

Answer 11

\(\bf A=P\left(1+\frac{r}{n}\right)^{nt}
\\ \quad \\
P=Principal(\textit{original amount, 20,000})\\
r=rate=3\%\implies \frac{3}{100}\implies 0.03\\
n=periods(\textit{amount compounded per year, annually, once a year})\\
t=years
\\ \quad \\
A=P\left(1+\frac{r}{n}\right)^{nt}\implies A=20,000\left(1+\frac{0.03}{1}\right)^{1\cdot 3}\)

Answer 12

oh okay

Answer 13

These guys are very helpful. You should give them medals.

Answer 14

You have 20000 dollars. Let A=20000. Interest is 5%. So after 1 year your money will be 105% of its initial value. That is A*1.05. (105% = 1.05).
After another year it will be 105% of its previous value. That is A*1.05*1.05.
You can say that an investment of A dollars with interest r will be
A*(1+r)^n after n years. Got it?

Answer 15

yeah thanks u guys

Answer 16

You understand now?

Answer 17

yes thanks

Answer 18

:)