Question

Mr. Zimmerman invested $25,000 in an account that draws 1.4% interest, compounded annually. What is the total value of the account after 15 years?

Answer 1

So the formula for this is A = p(1 + r)^t where A is the amount of money after t years, p is the amount of money originally put in, and r is the rate of growth as a decimal.
A = 25000(1 + 0.014)^15
A = 30800
(remember PEMDAS. you apply the exponent to the parenthesis before multiplying by 25000)