idk how to use this damn site

Question

mimi's grandfather invested 650$ for college tuition in a savings account when she was born. the account pays 4% compound interest every year what is the balance after 13 years

Answer 1

the underlying formula that you want to use here for compound interest is

A = P(1 + r/n)^(nt)

for this set of information that equation becomes

A = 650(1 + 0.04/1)^(13*1)

A = 650(1.04)^13

A = 1082.30

meaning that the final balance here is $1082.30

Answer 2

A = 650(1 + 0.04/1)¹⁽¹³⁾

 

Throw the right side in your calculator for your answer.