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uysha [10]
2 years ago
14

Jack deposited $47,323.15 in an account earning 5% interest compounded annually.

Mathematics
1 answer:
Vera_Pavlovna [14]2 years ago
5 0

Answer:

Jack's final bank account amount will be $54,782.50, <em>earning</em> <u>$7,459.31</u> in <em>interest</em>.

General Formulas and Concepts:
<u>Algebra I</u>

Compounded Interest Rate Formula: \displaystyle A = P \bigg( 1 + \frac{r}{n} \bigg) ^{nt}

  • <em>A</em> is final amount
  • <em>P</em> is principle amount
  • <em>r</em> is rate
  • <em>n</em> is compounded rate
  • <em>t</em> is time

Step-by-step explanation:

<u>Step 1: Define</u>

<em>Identify given variables</em>.

<em>P</em> = $47,323.15

<em>r</em> = 0.05

<em>n</em> = 1

<em>t</em> = 3

<u>Step 2: Find Interest</u>

  1. [Compounded Interest Rate Formula] Substitute in variables:
    \displaystyle A = 47323.15 \bigg( 1 + \frac{0.05}{1} \bigg) ^{1(3)}
  2. Evaluate:
    \displaystyle A = \boxed{54782.5}

∴ Jack will <em>gain</em> $7,459.31 and have a net balance of $54,782.50.

---

Learn more about Algebra I: brainly.com/question/27710663

---

Topic: Algebra I

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