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Jeff invested $3000 in an account that earns 6.5% interest, compounded annually. The formula for compound interest is A(t) = P(1 + i) t. How much did Jeff have in the account after 3 years?

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Answer:

$3623.85

General Formulas and Concepts:

Pre-Algebra

Order of Operations: BPEMDAS

  1. Brackets
  2. Parenthesis
  3. Exponents
  4. Multiplication
  5. Division
  6. Addition
  7. Subtraction
  • Left to Right

Equality Properties

Algebra I

Compounded Interest Formula: [tex]A=P(1 + \frac{r}{n} )^{nt}[/tex]

  • A is final amount
  • P is principle amount
  • r is rate
  • n is compounded rate
  • t is time in years

Step-by-step explanation:

Step 1: Identify Variables

P = 3000

r = 0.065

n = 1

t = 3

Step 2: Find Final Amount A

  1. Substitute [CIF]:                    [tex]A=3000(1 + \frac{0.065}{1} )^{1(3)}[/tex]
  2. Multiply:                                [tex]A=3000(1 + \frac{0.065}{1} )^{3}[/tex]
  3. Divide:                                  [tex]A=3000(1 +0.065 )^{3}[/tex]
  4. Add:                                      [tex]A=3000(1.065 )^{3}[/tex]
  5. Exponents:                           [tex]A=3000(1.20795)[/tex]
  6. Multiply:                                [tex]A=3623.85[/tex]

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