Question

Help!! 20 pts

leslie invested $3,500 into an account with an interest rate of 4.5%. write an equation and find the value of the account after 15 years, compounding monthly.

a=p(1+r/n)^nt

select the correct answer for each question

the value of “p” in the equation is:
15
13
3500
.045

the value of “r” in the equation is:
.045
12
15
3500

the value of “n” in the equation is:
15
3500
12
.045

the value of “t” in the equation is:
.045
12
3500
15

and finally!!!

the value of leslie’s account is:
?

Answer 1

Answer:P: the principal, the amount invested

A: the new balance

t: the time

r: the rate, (in decimal form)

Ex1: If $1000 is invested now with simple interest of 8% per year. Find the new amount after two years.

P = $1000, t = 2 years, r = 0.08.

A = 1000(1+0.08(2)) = 1000(1.16) = 1160

Explanation: