Question

Glenn invested $18,000 at 5% interest compounded annually.

How much interest will Glenn earn in 3 years?

A.
$20,837.25

B.
$19,826.24

C.
$2837.25

D.
$2340.23

Answer 1

Do you know the formula you have to use

Answer 2

\[A=P(1+\frac{ r }{ n })^{nt}\]

Answer 3

So first we have to plug the numbers in..can you go that

Answer 4

No.....

Answer 5

Why....

Answer 6

Do you not understand how?

Answer 7

Nope.This is confusing as heck to me

Answer 8

\[A=18000(1+\frac{ .05 }{ 12 }^{12(3)}\]

Answer 9

Still don't really get it.haha

Answer 10

First step: Divide .05 by 12...tell me what you get

Answer 11

0.0416

Answer 12

You would get .004166667. So now the equation is\[A=18000(1+.004166667)^{12(3)}\]

Answer 13

Take a guess at what we do next

Answer 14

1 + .004166667 ?

Answer 15

Yupp..Good job

Answer 16

And the answer is... 1.004166667 @ihateschool18

Answer 17

What do I do now? @ihateschool18