Answer:
$4928.87
General Formulas and Concepts:
Pre-Algebra
Order of Operations: BPEMDAS
- Brackets
- Parenthesis
- Exponents
- Multiplication
- Division
- Addition
- Subtraction
Algebra I
Compounded Interest Rate Formula: [tex]\displaystyle A = P(1 + \frac{r}{n})^{nt}[/tex]
- P is principle amount
- r is rate
- n is compound rate
- t is time
Step-by-step explanation:
Step 1: Define
Identify variables
P = 250
r = 15% = 0.15
n = 12
t = 20
Step 2: Solve
- Substitute in variables [Compounded Interest Rate Formula]: [tex]\displaystyle A = 250(1 + \frac{0.15}{12})^{12 \cdot 20}[/tex]
- [Exponents] Multiply: [tex]\displaystyle A = 250(1 + \frac{0.15}{12})^{240}[/tex]
- (Parenthesis) Divide: [tex]\displaystyle A = 250(1 + 0.0125)^{240}[/tex]
- (Parenthesis) Add: [tex]\displaystyle A = 250(1.0125)^{240}[/tex]
- Evaluate exponents: [tex]\displaystyle A = 250(19.7155)[/tex]
- Multiply: [tex]\displaystyle A = 4928.87[/tex]
