Question

Angela gets a loan for $2,500 at 3% interest compounded annually. What will the total account balance be after 1.5 years?

Answer 1

`\bf \qquad \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{compounded amount}\\ P=\textit{original amount deposited}\to &\$2500\\ r=rate\to 3\%\to (3)/(100)\to &0.03\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, meaning once} \end{array}\to &1\\ t=years\to &1.5 \end{cases}`