Question

MEDAL+FAN AWARDED PLZ HELP!@!@! Find the balance of a bank account with an initial investment, or principal, of
$1,500 that earns 3.2% interest compounded quarterly after 15 years.

Answer 1

\[A=A_0(1+\frac{r}{n})^{nt}\]
You are just using this formula.
\[\text{ Your } A_0 \text{ is the initial investment }\]
\[r \text{ is your annual rate of interest }\]
\[t \text{ is your number of years the amount is deposited }\]
\[A \text{ is what you accumated at the end of n years}\]
\[n \text{ is the number of times the interest is compounded each pyear}\]

Answer 2

Oh thank you

Answer 3

\[\text{ what is your } A_0 \text{ given as ?}\]

Answer 4

1500

Answer 5

right so now we have
\[A=A_0(1+\frac{r}{n})^{nt} \\ A=1500(1+\frac{r}{n})^{nt}\]
we are also given your r,n, and t

Answer 6

do you know what r is?
and what t is?
and n?

Answer 7

For compounded quarterly does that mean 4 a year?

Answer 8

:)

Answer 9

yes

Answer 10

says after 15 years...

Answer 11

\[A=A_0(1+\frac{r}{n})^{nt} \\ A=1500(1+\frac{r}{4})^{4t} \]
so it sounds like you are saying we can replace n with 4
which is totally correct

Answer 12

now yeah and 15=t right?

Answer 13

yes

Answer 14

r is 3.2 right?

Answer 15

r=3.2%
or
r=3.2/100
or
move decimal twice
r=0.032

Answer 16

o ok

Answer 17

\[A=1500(1+\frac{0.032}{4})^{15 \cdot 4}\]

Answer 18

after you identify everything
the rest is using your calculator

Answer 19

We have
1500*(1+0.032 / 4)^(15*4)
is how I would enter it into my calculator

Answer 20

thank you so much I didn't understand this problem :)

Answer 21

you do now I take it?

Answer 22

Seems to be continuous

Answer 23

Would I round?

Answer 24

i would round to the nearest hundredth since you know this is money

Answer 25

so 2149.5 would be correct right?

Answer 26

hmmm I think you in the digits in the wrong order
but I get something like 2419.4864
The number in the hundredths is 8
The number in the thousandths will tell me to leave 8 as 8 or round 8 up to 9.
Since the thousandths digit is 6 and 6 is greater than or equal to 5, then I will round 8 up to 9.
so I would say 2419.49
But 2419.5 i bet is also acceptable as it is one cent away from what I have.

Answer 27

I just figured since it was money it would be .5 so it would equal 50cents

Answer 28

I'll put .49 :)

Answer 29

2419.49
49 cents can also be represented by us currency too
1 quarter
2 dimes
4 pennies

Answer 30

Thank you for your time :)

Answer 31

np