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12 December, 08:04

A bank offer 3% interest each yr you invest 1500. Write a equation to model this situation for x years. How much will be in the account after 10 years?

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  1. 12 December, 08:22
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    Step-by-step explanation:

    We would apply the formula for determining compound interest which is expressed as

    A = P (1 + r/n) ^nt

    Where

    A = total amount in the account at the end of t years

    r represents the interest rate.

    n represents the periodic interval at which it was compounded.

    P represents the principal or initial amount deposited

    From the information given,

    P = 1500

    r = 3% = / 100 = 0.0

    n = 1 because it was compounded once in a year.

    t = x years

    Therefore, the equation to model this situation is

    A = 1500 (1 + 0.03/1) ^1 * x

    A = 1500 (1.03) ^x

    When x = 10 years, then

    A = 1500 (1.03) ^10

    A = $2016
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