anonymous
  • anonymous
How much compound interest is earned on $1500 at 3% interest for 2 years, compounded annually? Give your answer in dollars and cents. Don’t forget to subtract P from A. Compound Interest
Mathematics
katieb
  • katieb
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anonymous
  • anonymous
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anonymous
  • anonymous
anonymous
  • anonymous
so you know that p=1500 and r=.03 and n=1 cuz annually is 1 year and t=2...so now substitute

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anonymous
  • anonymous
1545?
anonymous
  • anonymous
lemme check
anonymous
  • anonymous
nope
anonymous
  • anonymous
btw you dont subtract P from A..you cant do that...cuz your finding A
anonymous
  • anonymous
you should have multiplied 1500(1.03)^2
anonymous
  • anonymous
i didnt subtract
anonymous
  • anonymous
ok good
anonymous
  • anonymous
1.03^ is 1.03*1.03 right?
anonymous
  • anonymous
yeah
anonymous
  • anonymous
now i got 1591.35
anonymous
  • anonymous
yup make sure you put $
anonymous
  • anonymous
okay thanks again for the help:)
anonymous
  • anonymous
np XD

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