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anonymous

  • one year ago

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

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  1. anonymous
    • one year ago
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  2. anonymous
    • one year ago
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    @_alex_urena_

  3. anonymous
    • one year ago
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    so you know that p=1500 and r=.03 and n=1 cuz annually is 1 year and t=2...so now substitute

  4. anonymous
    • one year ago
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    1545?

  5. anonymous
    • one year ago
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    lemme check

  6. anonymous
    • one year ago
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    nope

  7. anonymous
    • one year ago
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    btw you dont subtract P from A..you cant do that...cuz your finding A

  8. anonymous
    • one year ago
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    you should have multiplied 1500(1.03)^2

  9. anonymous
    • one year ago
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    i didnt subtract

  10. anonymous
    • one year ago
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    ok good

  11. anonymous
    • one year ago
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    1.03^ is 1.03*1.03 right?

  12. anonymous
    • one year ago
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    yeah

  13. anonymous
    • one year ago
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    now i got 1591.35

  14. anonymous
    • one year ago
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    yup make sure you put $

  15. anonymous
    • one year ago
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    okay thanks again for the help:)

  16. anonymous
    • one year ago
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    np XD

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spraguer (Moderator)
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