algebra

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?

  1. bobpursley

    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.

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