Question

how much would $150 invested at 8% interest compounded anually be worth after 13 years? A(t)=P(1+r/n)^

Answer 1

$\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to &\ 150\\ r=rate\to 8\%\to \frac{8}{100}\to &0.08\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\to &1\\ t=years\to &13 \end{cases} \\\\\\ A=150\left(1+\frac{0.08}{1}\right)^{1\cdot 13}\implies A=150(1.08)^{13}\implies A\approx 407.9435589$