SOLUTION: you invested $270 which gets 15% compounded annually for 3 years. how much will you have in 3 years?

Question 857949: you invested $270 which gets 15% compounded annually for 3 years. how much will you have in 3 years?
Answer by jim_thompson5910(35256) (Show Source): You can put this solution on YOUR website!

Solved by pluggable solver: Compound Interest Solver

Start with the compound interest formula

Plug in p=270, r=0.15 (divide 15 by 100 to get 0.15), n=1, and t=3

Divide 0.15 by 1 to get 0.15

Multiply the exponents 1 and 3 to get 3

Add 1 and 0.15 to get 1.15

Raise 1.15 to the 3 th power to get 1.520875

Multiply 270 and 1.520875 to get 410.63625

So if you invest $270 at an interest rate of 15%, which is compounded 1 times a year for 3 years, the return is about $410.64 (which is rounded to the nearest cent)

You'll have $410.64 in 3 years.
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