posted by Chloe
Sam opened a savings account that accrues compound interest at a rate of 3% annually. Let P be the initial amount Sam deposited and let t be the number of years the account has been open.
Write an equation to find A, the amount of money in the account after t years. Assume that Sam made more additional deposits and no withdrawals.
My answer is a=p*3%^t
is this right?
IT hurts it is so wrong. Memorize this formula
amount=Initialamount(1+i)^t where i is DECIMAL (.O3 here), t is the years elapsed.