Question

Need Help Please!!!!!!!

Answer 1

ANSWER

$1,413.81

EXPLANATION

The compound interest formula is given by:

$A=P(1+r\%)^t$

Where P=900 is the balance in the account, t=10 is the number of years and r=0.0462 is the rate.

We substitute the values in to the formula to get:

$A=900(1+4.62\%)^{10}$

$A=900(1.0462)^{10}$

This simplifies to:

$A=1413.81$

Therefore $1413.81 will be in the account after 10 years.

Answer 2

Answer:

Correct choice is $1413.81.

Step-by-step explanation:

Initial amount P = $900

Rate of interest = r = 4.62% = 0.0462

Number of compounding periods per year n = 1 {Compounded annually}

Time = 10 years

Then balance that is future value after 10 years in the account is given by formula :

$A=P\left(1+\frac{r}{n}\right)^{\left(n\right)\left(t\right)}$

$A=900\left(1+\frac{0.0462}{1}\right)^{\left(1\right)\left(10\right)}$

$A=900\left(1+0.0462\right)^{\left(10\right)}$

$A=900\left(1.0462\right)^{\left(10\right)}$

$A=900\left(1.57089499829\right)$

$A=1413.80549846$

Hence correct choice is $1413.81.