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3 years ago

Jill invested $20,000 in an account that earned 5.5% annual interest, compounded annually. What is the value of this account aft

er 10 years?
Round to the nearest cent.

Mathematics

1 answer:

attashe74 [19]3 years ago

4 0

$\bf ~~~~~~ \textit{Compound Interest Earned Amount}
\\\\
A=P\left(1+\frac{r}{n}\right)^{nt}
\quad \begin{cases}
A=\textit{accumulated amount}\\
P=\textit{original amount deposited}\dotfill &\$20000\\
r=rate\to 5.5\%\to \frac{5.5}{100}\dotfill &0.055\\
n=
\begin{array}{llll}
\textit{times it compounds per year}\\
\textit{annually, thus once}
\end{array}\dotfill &1\\
t=years\dotfill &10
\end{cases}$

$\bf A=20000\left(1+\frac{0.055}{1}\right)^{1\cdot 10}\implies A=20000(1.055)^{10}
\\\\\\
A\approx 34162.88916707\implies A\approx \stackrel{\textit{rounded up}}{34162.89}$

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The picture of the question in the attached figure

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