Question

(just need help explaining what formula I have to do to get my answer.)
Glenn invested $22,000 at 7% interest compounded annually.
How much interest will Glenn earn in 3 years?

Answer 1

\[\huge A = P(1+\frac{ r }{ n })^{nt}\] compound interest formula should suffice.
P = Principle amount
r = Annual rate of interest
t = Number of years
A = Amount of money accumulated after n years
n = Number of times the interest is compounded per year

Answer 2

$$\huge A = P \left( 1+\frac{ r }{ n } \right)^{nt}$$

Answer 3

sorry confused am I supposed to use the 1 in every formula so that I can get my answer?

Answer 4

Yes!

Answer 5

how do I find n?

Answer 6

`Glenn invested $22,000 at 7% interest compounded annually` what does annually mean

Answer 7

every year so 22000 x 3 would be n?

Answer 8

No the interest is compounded annually so n = 1

Answer 9

make sure ur writing ur interest in decimal form

Answer 10

im doing the formula but I must be doing something wrong because none of the answers I get are right

Answer 11

Let me ask you, which variable are we solving for

Answer 12

um sorry I don't really know variables but I'm thinking 3 is the variable ??

Answer 13

Are we solving for A, p, n, r, t?

Answer 14

a? idk we are solving what 22,000 at 7% would be in 3 years

Answer 15

\[A=22000(1+\frac{ 0.07 }{ 1 })^3\]

Answer 16

Yes @mavckenzie, ayesh has plugged in all the values for you please see if you understand it.