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Art [367]
2 years ago
9

9. Use the​ compound-interest formula to find the account balance​ A, where P is​ principal, r is interest​ rate, n is number of

compounding periods per​ year, t is​ time, in​ years, and A is account balance.

Mathematics
1 answer:
IceJOKER [234]2 years ago
5 0

Interest on interest, or compound interest, is the adding of interest to the principal sum of a loan or deposit. The account balance after a period of 5 years will be $1.63634×10²⁰.

<h3>What is compound interest?</h3>

Interest on interest, or compound interest, is the adding of interest to the principal sum of a loan or deposit. It's the outcome of reinvesting interest rather than paying it out so that interest is received on the principal plus previously collected interest in the next quarter.

A = P(1 + \frac{r}{n})^{nt}

A = final amount

P = initial principal balance

r = interest rate

n = number of times interest applied per time period

t = number of time periods elapsed

Given the principal amount is $12,385, the rate of interest is 7.5%, and the time period is daily. Therefore, the amount can be written as,

A = P(1 + \frac{r}{n})^{nt}\\\\A = \$12,385(1 + \frac{7.5}{365})^{(365 \times 5)}\\\\A = \$1.63634 \times 10^{20}

Hence, the account balance after a period of 5 years will be $1.63634×10²⁰.

Learn more about Compound Interest:

brainly.com/question/25857212

#SPJ1

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