You deposit $200 in an account earning 3% interest compounded annually. How much will you have in the account in 15 years? You deposit $3000 in an account earning 4% interest compounded monthly. How much will you have in the account in 10 years?
Added by Debra R.
Step 1
In this case, P = $200, r = 0.03 (3% as a decimal), n = 1 (compounded annually), and t = 15 years. A = 200(1 + 0.03/1)^(1*15) A = 200(1 + 0.03)^15 A = 200(1.03)^15 A ≈ $271.25 Show more…
Show all steps
Close
Your feedback will help us improve your experience
Manisha Sarker and 98 other Algebra educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
You deposit $200 in an account earning 4% interest compounded annually. How much will you have in the account in 15 years?
Adi S.
You deposit $2000 in an account earning 2% interest compounded monthly. How much will you have in the account in 15 years?
Paul A.
You deposit $3000 in an account earning 5% interest compounded monthly. How much will you have in the account in 15 years?
Supreeta N.
Recommended Textbooks
Elementary and Intermediate Algebra
Algebra and Trigonometry
Transcript
18,000,000+
Students on Numerade
Trusted by students at 8,000+ universities
Watch the video solution with this free unlock.
EMAIL
PASSWORD