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3 years ago

41) Gabriella invests $8,193 in a retirement

Mathematics

1 answer:

nataly862011 [7]3 years ago

4 0

Answer:

Option C. $\$34,252.67$

Step-by-step explanation:

we know that

The compound interest formula is equal to

$A=P(1+\frac{r}{n})^{nt}$

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest in decimal

t is Number of Time Periods

n is the number of times interest is compounded per year

in this problem we have

$t=18\ years\\ P=\$8,193\\ r=0.08\\n=6$

substitute in the formula above

$A=\$8,193(1+\frac{0.08}{6})^{6*18}=\$34,252.67$

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