##### Simplify Expressions

 Algebra Tutor: None Selected Time limit: 1 Day

Use the formula for compound interest to find A.

A= P (l+r)^n

P=\$20,000,r=0.13,n=4 years

At the end of 4 years, A is _

Round to the nearest cent.

Oct 3rd, 2015

Thank you for the opportunity to help you with your question!

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P=\$20,000

r=0.13

n=4 years

Substitute the given values in the equation.

$\\ A=P(1+r^n)\\ \\ A=20000(1+0.13^4)\\ \\ A=20000(1+0.00028561)\\ \\ A=20000(1.00028561)\\ \\ A=20005.7122\\ \\ A\approx20005.71$

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Please let me know if you need any clarification. I'm always happy to answer your questions.
Sep 21st, 2015

Sorry there is a mistake in the solution. I shall submit the correct solution now.

Sep 21st, 2015

where is the correct solution?

Sep 21st, 2015

This is the correct answer.

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P=\$20,000

r=0.13

n=4 years

Substitute the given values in the equation.

$\\ A=P(1+r)^n\\ \\ A=20000(1+0.13)^4\\ \\ A=20000(1.13)^4\\ \\ A=20000(1.63047361)\\ \\ A=32609.4722\\ \\ A\approx32609.47$

ANSWER:  A = \$32,609.47

Sep 21st, 2015

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Oct 3rd, 2015
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Oct 3rd, 2015
Mar 25th, 2017
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