Out of the three answers, which one is correct? I would also appreciate an explanation
1 answer:
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We use the formula:
Total = Principal * e ^ (rate * years)
Total = 1,500 * e ^ (.03 * 15)
Total = 1,500 * e ^ .45
Total = 1,500 * <span> <span> <span> 1.5683121854 </span> </span> </span>
Total = <span> <span> <span> 2,352.47 </span> </span> </span>
Total = Principal * e ^ (rate * years)
Total = 1,500 * e ^ (.03 * 15)
Total = 1,500 * e ^ .45
Total = 1,500 * <span> <span> <span> 1.5683121854 </span> </span> </span>
Total = <span> <span> <span> 2,352.47 </span> </span> </span>