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30.10.2020 •
Mathematics
PLZ ANSWER FAST (50 POINTS + BRAINLIEST) Your parents deposited $1,500 into a new college fund that will earn an annual compound interest rate of 3%. How much money will be in the account when you need it for college in 5 years? (write and use the compound interest formula)
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Ответ:
$1,738.91
Step-by-step explanation:
Future value = A(1+i)^n
A= $1,500
i = 3%
n - 5
Future value = $1,500*(1+0.03)^5
Future value = $1,500*(1.03)^5
Future value = $1,500*(1.03)^5
Future value = $1,500*1.1592740743
Future value = $1738.91111145
Future value = $1,738.91
$1,738.91 is the amount of money you will meet in the account when you need it for college in 5 years.
Ответ: