Question

If $2800 is invested for 17 years at 6% compounded annually, find how much money you will have? Use the formula : A=(1+(r)/(n))^(nt)

Answer 1

`\bf \qquad \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 &\$2800\\ r=rate\to 6\%\to (6)/(100)\to &0.06\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\to &1\\ t=years\to &17 \end{cases} \\\\\\ A=2800\left(1+(0.06)/(1)\right)^(1\cdot 17)`