Approximate the number using a calculator. Round your answer to three decimal places.
-The formula $S = A \left( \frac { ( 1 + r ) ^ { t + 1 } - 1 } { r } \right)$ models the value of a retirement account, where $A =$ the number of dollars added to the retirement account each year, $\mathrm { r } =$ the annual interest rate, and $\mathrm { S } =$ the value of the retirement account after t years. If the interest rate is $6 \%$, how much will the account be worth after 15 years if $\$ 400$ is added each year? Round to the nearest whole number.
A) $\$ 10,269$
B) $\$ 999$
C) $\$ 6400$
D) $\$ 15,338$

Question

Quizplus · Accepted Answer

Using the given formula and plugging in the values $A = 400$, $r = 0.06$, and $t = 15$, the calculation yields approximately \$10,269 when rounded to the nearest whole number.

Approximate the Number Using a Calculator S=A((1+r)t+1−1r)S = A \left( \frac { ( 1 + r ) ^ { t + 1 } - 1 } { r } \right)S=A(r(1+r)t+1−1​)

Approximate the Number Using a Calculator $S = A \left( \frac { ( 1 + r ) ^ { t + 1 } - 1 } { r } \right)$