Problem

Use your calculator to evaluate the formula $A=P(1+r)^{t}$ for the given values of each variable. Round your answer to the nearest hundredth. \[ P=7453, r=0.07, t=19 \] When $A=P(1+r)^{t}$ is evaluated for $P=7453, r=0.07$, and $t=19$, the result to the nearest hundredth is $A=$

Solution

Step 1 :Given the formula for compound interest $A=P(1+r)^{t}$, where P is the principal amount, r is the annual interest rate in decimal form, and t is the time the money is invested for in years. We are asked to find the value of A when $P=7453$, $r=0.07$, and $t=19$.

Step 2 :Substitute the given values into the formula: $A=7453(1+0.07)^{19}$

Step 3 :Evaluate the expression to find the value of A. The result to the nearest hundredth is $A=26953.98$

Step 4 :Final Answer: When $A=P(1+r)^{t}$ is evaluated for $P=7453$, $r=0.07$, and $t=19$, the result to the nearest hundredth is $A= \boxed{26953.98}$

From Solvely APP
Source: https://solvelyapp.com/problems/18859/

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