find account amt after 4 yrs using C = 3000(1.08)^4

[tcd1522]

More homework help heres the problem:

$3000 is deposited in an account earning 8% compounded annually. Calculate the amount in the account after four years by using the equation C= 3000(1.08) to the fourth power.

Now I tried to begin the problem but I cant even understand the question. And if I did I dont know the steps to follow in solving the problem.

 

[stapel]

I dont know the steps to follow in solving the problem.

The "steps" are just plug-n-chug. They've given you an expression for the value of C, and you're supposed to simplify it, and given them the standard decimal form. :wink:

I cant even understand the question.

Which part did you not understand? The variable? The exponent? Some one or another of the terms?

Please reply with clarification. Thank you!

Eliz.

 

[Loren]

As for deciding which to do first, it will pay you to look up the "order of operations" rules. In your problem, you only have two operations to perform, multiplication and raising to the fourth power. The order of operations convention will tell you which to do first.

 

[Denis]

WHY do you "not even understand"? Miss classes?

3000(1.08)^4 means 3000 * 1.08 * 1.08 * 1.08 * 1.08

and this: :idea: means pay attention in class!

 

[tcd1522]

Well thanks I think I got it now.