Question

Dusty won $125,000 on the Who Wants to be a Zillionaire? game show. He decides to place the money into an account that earns 6.25% interest compounded annually and plans not to use any of it until he retires.

I don't get number a for this question: Write an expression that represents how much money Dusty will have in t years.

Can somebody help me, if that works, that would be great!

Middle School Student:

Jina Wang

Answer 1

(125,000 × 0.0625 × t) + 125,000

Answer 2

Okay these are annoying, but all you need to know is the formula or expression. A=P(1+r/n)^nt so all you need to do is plug in the numbers :)

A= amount
P=$125,000
R=.0625
N=12 (annually)

So now just solve for t