jeff invested $3000 in an account that earns 6.5% intresest , compounded annually. the formula for compound intrest is A(t)=P(1+l)^t
You did not state a question, but I assume you want to find the amount.
you have P = 3000
i = .065
t = ???? (you did not give me that)
so just replace the t in
amount = 3000(1.065)^t , evaluate and you are done.
Do you have a question?
To calculate the compound interest of an investment, we can use the formula:
A(t) = P(1 + r/n)^(nt)
Where:
- A(t) is the future value of the investment after time t.
- P is the principal amount (initial investment).
- r is the annual interest rate (expressed as a decimal).
- n is the number of times the interest is compounded per year.
- t is the number of years.
In this case, Jeff invested $3000 with an interest rate of 6.5%, compounded annually.
Let's break down the values we'll be using in the formula:
P = $3000
r = 6.5% = 0.065 (decimal form)
n = 1 (compounded annually)
Now, let's calculate the future value of Jeff's investment after a certain number of years.