Question

Jaron received a bonus check for $2,500. He is going to deposit the money into his bank account that receives 5.5% compounded annually. What is Jaron's account balance after 15 years?

Answer 1

`~~~~~~ \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}\dotfill &\$2500\\ r=rate\to 5.5\%\to (5.5)/(100)\dotfill &0.055\\ n= \begin{array}{llll} \textit{times it compounds per year} \end{array}\dotfill &1\\ t=years\dotfill &15 \end{cases} \\\\\\ A=2500\left(1+(0.055)/(1)\right)^(1\cdot 15) \implies A=2500(1.055)^(15)\implies A \approx 5581.19`