SOLUTION: Principal $500 Rate 13% Time 1yr I need to simplify and round to the nearest cent.

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: Principal $500 Rate 13% Time 1yr I need to simplify and round to the nearest cent.      Log On


   

Question 717687: Principal $500 Rate 13% Time 1yr

I need to simplify and round to the nearest cent.
Answer by nerdybill(7384) About Me  (Show Source):
You can put this solution on YOUR website!
Principal $500 Rate 13% Time 1yr
.
A = P(1+r)^t
where
A is amount after time t (what we're looking for)
P is principal
r is rate
t is time (years)
.
A = 500(1+.13)^1
A = 500(1.13)^1
A = 500(1.13)
A = $565.00