SOLUTION: Use the formula for compound interest to find A. A​ = Left parenthesis 1 plus r right parenthesis Superscript n(1 + r)n P​ = ​$30000​, r​ = 0.14​
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Question 1079195: Use the formula for compound interest to find A. A = Left parenthesis 1 plus r right parenthesis Superscript n(1 + r)n P = $30000, r = 0.14, and n = 4 years
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
the formula you are given is:
A = (1 + r) ^ n.
you are then given:
P = 30,000
r = .14
n = 4
your formula is missing P.
it should be:
A = P * (1 + r) ^ n
replacing variable with their values that you know, you get:
A = 30,000 * (1 + .14) ^ 4
solve using your calculator to get:
A = 50668.8048
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