Question

If you save $4,500 at an interest rate of 13 percent per year, how much will you have at the end of seven years?

Answer 1

the equation you use to find this is A=P(1+r/n)^nt

P is your initial amount
r is the rate in a decimal
n is the number of times compounded per year
T is the number of years

We can plug all of these things into the equation to get A=4500(1+.13/1)^1(7)
this simplifies down to A=4500(1.13)^7. If you put this into your calculator, you get 10586.724662  

since it is in dollars, round to the nearest cent to get $10,586.72

Answer 2

Answer:

the equation you use to find this is A=P(1+r/n)^ntP is your initial amountr is the rate in a decimaln is the number of times compounded per yearT is the number of yearsWe can plug all of these things into the equation to get A=4500(1+.13/1)^1(7)this simplifies down to A=4500(1.13)^7. If you put this into your calculator, you get 10586.724662  since it is in dollars, round to the nearest cent to get $10,586.72

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