A principal of 5350 is placed in an account that earns 3.5% interest. If the interest is compounded annually, how much money wil

Question

Sonja [21]

3 years ago

7

A principal of 5350 is placed in an account that earns 3.5% interest. If the interest is compounded annually, how much money wil

l be in the account at the end of 4 years

Mathematics

1 answer:

harina [27] · Answer 1 · 2022-07-29T19:56:49+03:00

harina [27]3 years ago

6 0

5350 x 3.5% = 187.25

187.25 is compounded per year

187.25 x 4 = 749.00 is the interest after 4 years

749.00 + 5,350 = 6,099

6,099 will be in the account at the end of 4 years.