Question

How much money will you have if you started with $30 and put it in an account that earned 11% every year for 5 years?

Answer 1

A=P(1+r/n)^nt
P=Initial Amount
R=Interest rate (written as decimal)
N=Number of times interest is compounded per year
T=Number of years.

A=30(1+.11/1)^1*5
A=30(1.11)^5
A=30(1.69)
A=$50.55