Question

PLZ ANSWER FAST (50 POINTS + BRAINLIEST)

Your parents deposited $1,500 into a new college fund that will earn an annual compound interest rate of 3%. How much money will be in the account when you need it for college in 5 years? (write and use the compound interest formula)

Answer 1

Answer:

$1,738.91

Step-by-step explanation:

Future value = A(1+i)^n

A= $1,500

i = 3%

n - 5

Future value = $1,500*(1+0.03)^5

Future value = $1,500*(1.03)^5

Future value = $1,500*(1.03)^5

Future value = $1,500*1.1592740743

Future value = $1738.91111145

Future value = $1,738.91

$1,738.91 is the amount of money you will meet in the account when you need it for college in 5 years.