Angela gets a loan for $2,500 at 3% interest compounded annually. What will the total account balance be after 1.5 years?

1 answer:

6 0

$\bf \qquad \textit{Compound Interest Earned Amount}
\\\\
A=P\left(1+\frac{r}{n}\right)^{nt}
\quad 
\begin{cases}
A=\textit{compounded amount}\\
P=\textit{original amount deposited}\to &\$2500\\
r=rate\to 3\%\to \frac{3}{100}\to &0.03\\
n=
\begin{array}{llll}
\textit{times it compounds per year}\\
\textit{annually, meaning once}
\end{array}\to &1\\

t=years\to &1.5
\end{cases}$

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miv72 [106K]

Answer

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Step-by-step explanation:

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3 years ago

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Paladinen [302]

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Step-by-step explanation:

For this exercise it is important to remember the following:

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