Fletcher puts 4,500 in a savings account earning 1.5% interest compounded annually. He does not make any deposits or withdrawals for 3 years

The formula for compound interest is:  A  =  P( 1 + r/n ) ^ ( n · t )

where    A  =  final amount        P  =  amount invested       r  =  interest rate (as a decimal)

             n  =  number of times compounded per year         t  =  number of years

For this problem:    P  =  4500        r  =  .015       n  =  1 (since annually)       t  =  3

    A  =  4500( 1 + .015 / 1 ) ^ ( 1 · 3 )

    A  =  4500( 1 + .015 ) ^ 3

Place this into your calculator to find the final answer.