Question

WILL FAN AND MEDAL

How much compound interest is earned on $24,500 principal, with an annual interest rate of 5% compounded annually, over 2 1/2 years?

Answer 1

compound interest: I = P (1 + r)t

A.
$30,62.50

B.
$2767.82

C.
$27,562.50

D.
$3178.29

Answer 2

@AloneS

Answer 3

@Englishguy

Answer 4

First you should plug the numbers in

Answer 5

in where

Answer 6

p is 24500, r is .05, and t is 2.5

Answer 7

so
I = 24500 (1 + .05)^2.5

Answer 8

Now you add in the parenthesis to get
I=24500(1.05 )^2.5

Answer 9

I got 24,530.63

Answer 10

Is that correct

Answer 11

I got 27,678.2948877 but was t an exponent?

Answer 12

is that correct i mean is yours correct

Answer 13

Wait is t an exponent or not?

Answer 14

idk

Answer 15

yes it was actually

Answer 16

can you help with a few more

Answer 17

then I believe my answer was right :)

Answer 18

ok can you please help with a few more

Answer 19

maybe what are they?

Answer 20

Farris earned simple interest on $4120 with an annual interest rate of 3.4% for 9 years. How much did he earn in interest? Round your answer to the nearest cent.

simple interest: I = P • r • t

Answer 21

okay so you would set it up like I=4120*3.4%*9

Answer 22

so I = 1260.72

Answer 23

does that make sense?

Answer 24

so would the answer be 1260.72

Answer 25

yup! :)

Answer 26

do you get it now?

Answer 27

yea

Answer 28

okay bye! :)

Answer 29

bye