Answer:
The amount that would be in the account after 30 years is $368,353
Step-by-step explanation:
Here, we want to calculate the amount that will be present in the account after 30 years if the interest is compounded yearly
We proceed to use the formula below;
A = [P(1 + r)^t-1]/r
From the question;
P is the amount deposited yearly which is $4,500
r is the interest rate = 2.5% = 2.5/100 = 0.025
t is the number of years which is 30
Substituting these values into the equation, we have;
A = [4500(1 + 0.025)^30-1]/0.025
A = [4500(1.025)^29]/0.025
A = 368,353.3309607034
To the nearest whole dollars, this is;
$368,353
Answer:
your answer is correct
Step-by-step explanation:
-5 x -4=20
20+3=23
