Question

When you turned 9, a family member puts $210 in a savings account to help save for college or another big life goal. If your savings account continuously earns 2% interest per year, how much will you have in your savings account when you turn 18?

Answer 1

When you turn 18 That means after 9 years
Annual growth rate is 2%
Initial investment is 210
So we will use the following
P(1 + r)^t
Where t is the number of years
210(1 + 0.02)^9
That would equal to 251 dollars

Answer 2

Assuming that the question means continuous interest, the formula is
\(\Large A=Pe^{rt}\)

Where P = the principle (beginning) amount
r = rate
t = amount of time in years

Answer 3

Pretty awful saving tho
That wouldn't even manage Starbucks expenses

Answer 4

LOL. Thanks guys! (:

Answer 5

Sure