+0  
 
0
83
3
avatar

If lucas puts 1500 in a saving account that pays 3% interest compounded annually, how much money will he have in the account after 5 years?

 Feb 13, 2021
 #1
avatar
0

 $ 1500 ( 1+.03)5 =   $               

 Feb 13, 2021
 #2
avatar+212 
+1

Hey there, Guest!

So if Lucas gets 3% of $1500 each year, then he's earning $45 a year.

So, 45*5=$225.

 

Then, we do the simple equations part:

 

    $1500

+  $ 225

---------------

   $1725

 

So, after 5 years, Lucas would have $1725 in his savings account.

 

Hope this helped!

( ゚д゚)つ Bye

 Feb 13, 2021
 #3
avatar
0

Sorry   TA...the question states that the account is compounded annually.....so it is not simple interest.....frown

Guest Feb 13, 2021

37 Online Users

avatar
avatar
avatar