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

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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) About Me  (Show Source):
You can put this solution on YOUR website!
Solved by pluggable solver: Compound Interest Solver




A=p%281%2Br%2Fn%29%5E%28n%2At%29 Start with the compound interest formula


A=270%281%2B0.15%2F1%29%5E%281%2A3%29 Plug in p=270, r=0.15 (divide 15 by 100 to get 0.15), n=1, and t=3



A=270%281%2B0.15%29%5E%281%2A3%29 Divide 0.15 by 1 to get 0.15



A=270%281%2B0.15%29%5E%283%29 Multiply the exponents 1 and 3 to get 3



A=270%281.15%29%5E%283%29 Add 1 and 0.15 to get 1.15



A=270%281.520875%29 Raise 1.15 to the 3 th power to get 1.520875



A=410.63625 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.