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a = initial deposit, r = 1.03, n = 2

What grade?

11th

says answer is
5,304.50

It should be 5000 * (1.03)^2. Assuming compounding of the interest rate.

oh so its 5000(1.03)^2

Gt where dide u get the 1.3 from

oh yeah compounding of interest...
didnt tought of that

OH

I GET IT NOW GT TANKS

so how do i get the answer

Use a calculator to find:
5000 * (1.03) * (1.03).
That should give you: 5,304.50

yup its correct sir

thanks
it swas 5304.5

well we all stupidly used simple interest formula..silly me

so what is the p r and n represent in the equation

p is initial amount.
n is number of periods.

r is rate of interest for that period.

principle,rate of interest and time period

so if it were 3000 instead of 5000 and rate was 5.5 and time was 5 years how do i set that up

3000 * (1.055)^5

use the same algorithm

assuming annual compounding.

ok so its similar to the other one

correct.

i got 3920.88

rounded

Sounds right.

did i do it right?

Yeah, I got the same. :)

hmm i guess so..

so i did it right :D

yes!!

thakns again everyone

say that to GT