The expression can be used to determine how much money Krystal had in the account when she turned 18 [tex]3000 \left (1+0.02} \right )^{16}[/tex].
What is the principal amount?
The expression for finding the amount of money earned on interest is;
[tex]\rm Amount= P \left (1+\dfrac{r}{n} \right )^{nt}[/tex]
Where; P = principal (money you started with), r = rate (in decimal form), n = number of times compounded per year. t = time (in years).
In this case P = 3000, r = 0.02 (because 2% in decimal form is 0.02), n = 1 (because it is compounded once every year), t = 16 (because she got the money when she was 2 and we are calculating it for when she turns 18, 16 years later).
Substitute all the values in the formula
[tex]\rm Amount= P \left (1+\dfrac{r}{n} \right )^{nt}\\\\\rm Amount=3000 \left (1+\dfrac{0.02}{1} \right )^{1 \times 16}\\\\Amount=3000 \left (1+0.02} \right )^{16}[/tex]
Hence, the expression can be used to determine how much money Krystal had in the account when she turned 18 [tex]3000 \left (1+0.02} \right )^{16}[/tex].
Learn more about the amount here;
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