Question

Could someone refresh my memory?

Answer 1

sure

Answer 2

with?

Answer 3

Suppose you deposit $1500 in a savings account that pays interest at an annual rate of 5%. If no money is added or withdrawn from the account, answer the following questions.
How much will be in the account after three years?
What's the equation again?

I can do the second one.

How many years will it take
for the account to contain
$2500?
I can probably do this one too given the equation.

Answer 4

If I know what equation to use I can probably get the answers for these.

Answer 5

first one
compute \[1500\times (1.05)^3\]

Answer 6

I don't need to know how to do it. I just want the equation please. If i feel I need help I will for sure ask!

Answer 7

\[A=P(1+r)^t\] where \(r\) is the rate as a decimal, \(P\) is the "principle" beginning amount and \(t\) is time in years

Answer 8

Okay thanks.

Answer 9

yw

Answer 10

So I do my exponent first and get 1.157625 then multiply that by 1500 and get 1736.4375. Then I round to 1736.44?

Answer 11

@satellite73 is that right^^

Answer 12

@kropot72 Can you tell me if this is right?

Answer 13

Yes, you are correct :)

Answer 14

Thanks!

Answer 15

yw