Question

Sheila deposited $1,050.00 into a saving account at her local bank. if the interest rate is 1.5%, then how much will he have after 18 months (round your answer to the nearest cent)?

Answer 1

A=p (1+r)^t
A future value?
P present value 1050
r interest rate .015
t time 18/12
A=1,050×(1+0.015)^(18÷12)
A=1,073.71