Question

Tasha invests in an account that pays 1.5% compound interest annually. She uses the expression P(1+r)t to find the total value of the account after t years. If Tasha invested $3,000 , what is the value of the account after 5 years? PLEASE HELP!!!!!!!

Answer 1

`\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to &\$3000\\ r=rate\to 1.5\%\to (1.5)/(100)\to &0.015\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\to &1\\ t=years\to &5 \end{cases} \\\\\\ A=3000\left(1+(0.015)/(1)\right)^(1\cdot 5)\implies A=3000(1.015)^5\implies A\approx 3231.852`

Answer 2

The value of the account after 5 years is 3231,85

Explanation:

The formula of interest is A=P (1+r)ⁿ

A=Final amount

P= Principal ( deposit invested)

r= interest rate

n= time

So, in this case

P=$3,000

r= 1.5% or 0,015

n= 5

Replacing

A=3000(1+0,015)^5

A=3231,85