Question

Jerry has invested $1500 into a savings account that paid him 8.25% interest, what will the balance of his account be after 6 years?

Please Explain!

Answer 1

answer: $2413.50

y=original amount of money(1+ the percent divided by 100)^the number of years is the power

we do this with the 1+ ... because the original amount plus the extra 8.25%

so the equation would be ...

y=1500(1+0.0825)^6

y=1500(1.60904218428)

y=1500(1.609) (I rounded)

y=$2413.50