If C dollars are deposited in an account paying r percent annual interest, the amount after x years is A+C(1+r)*. Approximate the amount in the account after x years, when C=$100.00, r=19%, and x-15 years.
A = C + Crt
A = 100 + 100*0.19*15= $385.
To approximate the amount in the account after x years, we can use the formula:
A = C(1 + r)^x
Where:
A = amount in the account after x years
C = initial deposit
r = annual interest rate as a decimal
x = number of years
Given:
C = $100.00
r = 19% (or 0.19 in decimal form)
x = 15 years
Now, substitute these values into the formula:
A = 100(1 + 0.19)^15
To calculate this, we can use a calculator or a spreadsheet software. Let's calculate it using a calculator:
A ≈ 100 * (1 + 0.19)^15
A ≈ 100 * (1.19)^15
A ≈ 100 * 5.5276
A ≈ $552.76
Therefore, the approximate amount in the account after 15 years would be approximately $552.76.