SOLUTION: If I have $30,000.00 and I put it into an account that earns 3% compounded annually, how much money will I earn in 30 years?

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: If I have $30,000.00 and I put it into an account that earns 3% compounded annually, how much money will I earn in 30 years?       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 877547: If I have $30,000.00 and I put it into an account that earns 3% compounded annually, how much money will I earn in 30 years?

Answer by jim_thompson5910(35256) About Me  (Show Source):
You can put this solution on YOUR website!
A+=+P%2A%281%2Br%2Fn%29%5E%28n%2At%29

A+=+30000%2A%281%2B0.03%2F1%29%5E%281%2A30%29

A+=+30000%2A%281%2B0.03%29%5E%281%2A30%29

A+=+30000%2A%281.03%29%5E%281%2A30%29

A+=+30000%2A%281.03%29%5E%2830%29

A+=+30000%2A%282.42726247118966%29

A+=+72817.8741356899

A+=+72817.87

You will earn 72817.87 - 30000 = $42,817.87 in 30 years.