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I = P x R x T

- Sally is saving money for college and she currently has $200 in her savings account. Her bank pays a rate of 1% on her money. If her money compounds annually, what will her account be worth in three years?
- I= ???
- P= 200
- R= .01
- T= 1 year (three times)

Solution

- 200 x .01 x 1 = 2.00
- 202 x .01 x 1 = 2.02
- 204.02 x .01 x 1 = 2.04
- 206.06

What if her money compounded monthly?

- For fifty years?
- 329.68

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