question archive Compound interest is given by the formula A=P(1+r)tA=P(1+r)t
Compound interest is given by the formula A=P(1+r)tA=P(1+r)t
Subject:MathPrice: Bought3
Compound interest is given by the formula A=P(1+r)tA=P(1+r)t. Where AA is the balance of the account after tt years, and PP is the starting principal invested at an annual percentage rate of rr, expressed as a decimal.
Warren is investing money into a savings account that pays 3% interest compounded annually, and plans to leave it there for 15 years. Determine what Warren needs to deposit now in order to have a balance of $30,000 in his savings account after 15 years.
