Question

Robert invested $800 in a bank account. The account has an annual interest rate of 5.5%. How much money will be in the account after 12 years.

Answer 1

`A=1,520.97`

Explanation:

since our formula is
`A=P(1+r)^(t)` , then you would plug in 800 as 'P', 1.055 as 'r' since you shift the decimal 2 digits to the left then add 1 (as a whole number) and raise it to the twelfth power.