kennedysccpbr kennedysccpbr

19-07-2017
Business

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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?

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Shannonkathryn7 Shannonkathryn7

19-07-2017

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

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