Question

IF ANYONE IS READING THIS AND IS TIRED OF BOTS, MAY I PLEASE GET SOME HELP?

You deposit $400 in an account earning 5% interest compounded annually. How much will you have in the account in 15 years?

I'm a little bit stuck.

Answer 1

A(t)=P(1+r)t

A = accrued amount = what you are solving for

P = principle investment = $400

r = rate of growth = 5% = 0.05

t = time = 10 years

A(10) = 400(1.05)10 (use calculator to solve)

A(10) ≈ 4,200