Question

How much compound interest is earned on $1500 at 3% interest for 2 years, compounded annually? Give your answer in dollars and cents. Don’t forget to subtract P from A.

Compound Interest

Answer 1

@_alex_urena_

Answer 2

so you know that p=1500 and r=.03 and n=1 cuz annually is 1 year and t=2...so now substitute

Answer 3

1545?

Answer 4

lemme check

Answer 5

nope

Answer 6

btw you dont subtract P from A..you cant do that...cuz your finding A

Answer 7

you should have multiplied 1500(1.03)^2

Answer 8

i didnt subtract

Answer 9

ok good

Answer 10

1.03^ is 1.03*1.03 right?

Answer 11

yeah

Answer 12

now i got 1591.35

Answer 13

yup make sure you put $

Answer 14

okay thanks again for the help:)

Answer 15

np XD