SOLUTION: Simplify the expression completly: (12m + 4n)+(3m+7n)? If you had 450 dollars in your bank account that pays interest at 3% annually how much will you have after 2 years?

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Question 50622: Simplify the expression completly: (12m + 4n)+(3m+7n)?
If you had 450 dollars in your bank account that pays interest at 3% annually how much will you have after 2 years?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Simplify the expression completly: (12m + 4n)+(3m+7n)?
=15m+11n
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If you had 450 dollars in your bank account that pays interest at 3% annually how much will you have after 2 years?
Simple interest formula Amount = Principle + Principle*rate*time= P(1+rt)
Your problem: Amount = 450(1+(0.03)2)= 450(1+0.06)=$477.00
If the bank pays compound interest the formula is A=P(1+r)^2
Your problem: Amount = 450(1+0.03)^2= $477.41
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Cheers,
Stan H.