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Anuta_ua [19.1K]
3 years ago
11

Please help! Thank you

Mathematics
2 answers:
Alex_Xolod [135]3 years ago
7 0
Find the future value
A=p (1+r/k)^kt
A=3,200×(1+0.024÷4)^(4×15)
A=4,581.72
interest earned
4,581.72−3,200
=1,381.72
Ket [755]3 years ago
5 0

Answer:

D) $1381.72

Step-by-step explanation:

We have been given that Brett deposited $3,200 into a savings account for which interest is compounded quarterly at a rate of 2. 4%. We are asked to find the amount of interest Brett will earn after 12 years.

We will use compound interest formula to solve our given problem.

A=P(1+\frac{r}{n})^{nT}, where,

A = Final amount after T years,

P = Principal amount,

r = Annual interest rate in decimal form,

n = Number of times interest is compounded per year,

T =Time in years.

Let us convert the given interest rate in decimal form.

2.4\%=\frac{2.4}{100}=0.024

Upon substituting our given values in above formula we will get,

A=\$3200(1+\frac{0.024}{4})^{4*15}

A=\$3200(1+0.006)^{60}

A=\$3200(1.006)^{60}

A=\$3200*1.43178841202

A=\$4581.722918467\approx \$4581.72

Now we will subtract $3200 from $4581.72 to find the amount of interest.

\text{The amount of interest}=\$4581.72-\$3200

\text{The amount of interest}=\$1381.72

Therefore, Brett will earn $1381.72 in interest after 15 years and option D is the correct choice.

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