Asked by Wanda
If C dollars are deposited in an account paying r percent annual interest, approximate the amount in the account after x years if C=$150, r= 1.9% and x=25 years
Answers
Answered by
johnathon
1.9%=(1.9)/100
i am not sure that there is an annual interest formula but it might be compounded interest where interest is compounded once a year.
the compound interest formula is A=p(1+r/n)^n*t where p is the principle r is the rate n is the compounding period t is the time and A is the future value.
n=1
r=(1.9)/100
p=150
t=25
we are solving for future value the expression is already solved for A so lets just substute in
A=150*(1+1.9*(1/100))^25
A=240.1296894
i am not sure that there is an annual interest formula but it might be compounded interest where interest is compounded once a year.
the compound interest formula is A=p(1+r/n)^n*t where p is the principle r is the rate n is the compounding period t is the time and A is the future value.
n=1
r=(1.9)/100
p=150
t=25
we are solving for future value the expression is already solved for A so lets just substute in
A=150*(1+1.9*(1/100))^25
A=240.1296894
Answered by
Wanda
Jonathan I am not sure how you got your answer,,, did you multiply 150x1.017x25 I am just not sure how you got your answer could you help me a little more
Answered by
Reiny
amount = 150 (1.019)^25 = $ 240.13
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