SOLUTION: You invest $800 in an account with an annual interest rate of 3.2%, compounded annually. How much in in the account after 15 years? Round your answer to the nearest whole number

Question 549847: You invest $800 in an account with an annual interest rate of 3.2%, compounded annually. How much in in the account after 15 years? Round your answer to the nearest whole number
Found 2 solutions by jim_thompson5910, stanbon:
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!

Start with the compound interest formula

Plug in , (the decimal equivalent of 3.2%), and .

Evaluate to get

Add to to get

Multiply and to get .

Evaluate to get .

Multiply and to get .

Round to the nearest hundredth (ie to the nearest penny).

So there will be $1283.17 in the account.

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
You invest $800 in an account with an annual interest rate of 3.2%, compounded annually. How much in in the account after 15 years? Round your answer to the nearest whole number
----
A(t) = Ao(1+(r/n))^(nt)
Ao = 800
n = 1
r = 0.032
t = 15
------
A(15) = 800(1.032)^(15)
A(15) = $1283
====================
Cheers,
Stan H.
=================

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