Tyler bought a shirt from the 25% off rack. It normally costs $16. Here is the money he paid. A ten dollar bill and two one doll
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Our P = 100, r = .08, n = 1 (annually means once a year), and t = 15. Filling in accordingly, we have 
. Simplifying a bit gives us 
and 
. Raising that number inside the parenthesis to the 15th power gives us 
. Multiplying to finish means that A(t) = $317.22