Question

Tasha invests in an account that pays 1.5% compound interest annually. She uses the expression P(1+r)t to find the total value of the account after t years. If Tasha invested $3,000 , what is the value of the account after 5 years? PLEASE HELP!!!!!!!

Answer 1

$\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to &\ 3000\\ r=rate\to 1.5\%\to \frac{1.5}{100}\to &0.015\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\to &1\\ t=years\to &5 \end{cases} \\\\\\ A=3000\left(1+\frac{0.015}{1}\right)^{1\cdot 5}\implies A=3000(1.015)^5\implies A\approx 3231.852$

Answer 2

Answer:

The value of the account after 5 years is 3231,85

Step-by-step explanation:

The formula of interest is A=P (1+r)ⁿ

A=Final amount  

P= Principal ( deposit invested)  

r= interest rate

n= time

So,  in this case

P=$3,000

r= 1.5% or 0,015

n= 5

Replacing

A=3000(1+0,015)^5

A=3231,85