If C dollars are into an account paying r percent annual interest, the amount after x years is A=C(1+r)^x. Approximate the amount in the account after x years, when C=$100, R=25%, and X=20 years.

Question

If C dollars are into an account paying r percent annual interest, the amount after x years is A=C(1+r)^x. Approximate the amount in the account after x years, when C=$100, R=25%,  and X=20 years.

jim_thompson5910 · Answer

Plug in the given info to get

A=C(1+r)^x

A=100(1+0.25)^20

A = ???

anonymous · Answer

I got to that part but got stuck and unable to get it figured out from there once I got to A=(100(1.25)^20 wasn't able to get my calculator to work right

jim_thompson5910 · Answer

what calculator do you have

jim_thompson5910 · Answer

you should have

100(1.25)^20

and not

(100(1.25)^20

jim_thompson5910 · Answer

notice there's one extra ( in the second expression

anonymous · Answer

I am using a TI-30xA

jim_thompson5910 · Answer

ok I've never used that calculator at all

I recommend using either google or wolfram alpha

type "100(1.25)^20" into either without quotes and tell me what you get

jim_thompson5910 · Answer

this is what I mean with google https://www.google.com/search?q=100%281.25%29^20

anonymous · Answer

8673.61737988 this is the answer I got

jim_thompson5910 · Answer

google acts like a calculator for searches like that

jim_thompson5910 · Answer

same here, so $8,673.62 is the answer

anonymous · Answer

k thank you for your help I appreciate it

jim_thompson5910 · Answer

you're welcome