Question

how much money will you have if you started with $1000 and put it in an account that earned 5% every year for 15 years

Answer 1

The interest equation is A = P(1 + r)^t. We can plug in the known information to get A = 1,000(1 + 0.05)^15. Next, we can add the 1 and the 0.05 to get A = 1,000(1.05)^15. Finally, we can take 1.05 to the power of 15 and multiply by 1,000 to get an answer of $2,078.93.

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