SOLUTION: How do i calculate interest on $800 at 15% for 4 1/2 years? If I change 15% to a decimal, do I have to do the same for years? Thanks

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Question 228131: How do i calculate interest on $800 at 15% for 4 1/2 years?
If I change 15% to a decimal, do I have to do the same for years?
Thanks
Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
If I change 15% to a decimal, do I have to do the same for years?
NO.
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P(1+r)^t rate in decimal & time in years.
800(1+.15)^4.5
800(1.15)^4.5
800*1.8756=$1500.48 Answer.