SOLUTION: If c dollars are deposited in an account paying r% annual interest, approximate the the amount in the account after x years if c= $150, r=2.5% and x= 20 years. Thanks to anyone w

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: If c dollars are deposited in an account paying r% annual interest, approximate the the amount in the account after x years if c= $150, r=2.5% and x= 20 years. Thanks to anyone w      Log On


   

Question 450101: If c dollars are deposited in an account paying r% annual interest, approximate the the amount in the account after x years if c= $150, r=2.5% and x= 20 years.
Thanks to anyone who can help.
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi,

If c dollars are deposited in an account paying r% "annual interest"

approximate the the amount in the account after x year:

c= $150, r=2.5% and x= 20 years

A= p(1+r/n) ^nt     |n = 1

A = $150(1.025)^20

A =  $245.79