Step-by-step explanation:
A = P (1 + r/n) (nt)
A = the future value of the investment/loan, including interest
P = the principal investment amount (the initial deposit or loan amount)
r = the annual interest rate (decimal)
n = the number of times that interest is compounded per unit t
t = the time the money is invested or borrowed for
p = 3000
r = 5%/100 = .05 (has to be in decimal format)
n = 2
t = 1
A = 3000(1 + .05/2)⁽²ˣ¹⁾ note (make sure you use ^ (power of) for the 2x1)
use PEMDAS to work out problem
P arenthesis
E exponents
M ultiplication
D ivision
A ddition
S ubtraction
A = 3000(1 + .05/2)⁽²ˣ¹⁾
a = 3000(1 + .025)^²
a = 3000(1.025)^2
a = 3000 x 1.050625
a = 3151.875
she would have $3,151.88
