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3 years ago

Dwight deposits $150 into his new savings account. The account earns 5% interest compounded annually.

Mathematics

1 answer:

GrogVix [38]3 years ago

8 0

Answer:

$A=\$150(1.05)^{t}$

Step-by-step explanation:

we know that

The compound interest formula for this problem is equal to

$A=P(1+r)^{t}$

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest in decimal

t is Number of Time Periods in years

in this problem we have

$P=\$150\\ r=5\%=0.05$

substitute in the formula above

$A=\$150(1+0.05)^{t}$

$A=\$150(1.05)^{t}$

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