how would i do this quickly on a calculator?
A deposit of $5,000 is made into a savings account that offers 7.5% annual interest. Which equation models the amount of money in the account after t years?

Question

how would i do this quickly on a calculator?
A deposit of $5,000 is made into a savings account that offers 7.5% annual interest. Which equation models the amount of money in the account after t years?

vhtran · Answer

Annual Compound Interest Formula:
A = P(1+r/n)^nt


A = the future value of the investment/loan, including interest
P = the principal investment amount (the initial deposit or loan amount)
r = the annual interest rate (decimal)
n = the number of times that interest is compounded per year
t = the number of years the money is invested or borrowed for

jim_thompson5910 · Answer

You cannot use a calculator unless you know the value of t. If you don't know the value of t, the best you can do is form the equation (replacing the other variables with their given values).