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&#8203

Algebra ->  Graphs -> 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&#8203      Log On


   

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) About Me  (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