What is the balance after 7 years if you deposit $2800 in an account that pays 4% interest compounded yearly ?

1 answer:

6 0

Answer:the balance after 7 years is $3216

Step-by-step explanation:

A) Initial amount deposited into the account is $2800 This means that the principal,

P = 2800

It was compounded yearly. This means that it was compounded once in a year. So

n = 1

The rate at which the principal was compounded is 4%. So

r = 4/100 = 0.04

It was compounded for 7 years. So

t = 7

The formula for compound interest is

A = P(1+r/n)^nt

A = total amount in the account at the end of t years. Therefore

A = 2800(1 + 0.04/2)^ 1× 7

A = 2800(1 + 0.02)^7

A = 2800(1.02)^7

A = $3216

You might be interested in

FromTheMoon [43]

The answer would be 3 !

4 0

3 years ago

ryzh [129]

Answer:

true

Step-by-step explanation:

4 0

3 years ago

KATRIN_1 [288]

Answer:

If the perimeter of a square measures 32 cm, each side measures 32/4= 8 cm, because all sides are equal.
The diagonal that passes through the center of the square divides the square into two triangles. The triangles are formed by a hypotenuse (the diagonal, which is k in this case), and two sides, that measure 8 cm each, in this case.
Because of Pythagoras' theorem, we know that the lenght of the hypotenuse (in this case the hypotenuse is k) equals the squared root of the sum of the squared sides, which in this case can be expressed as $k=\sqrt{8^2+8^2} =\sqrt{64+64}=\sqrt{128}=11.31$ .
Then, k=11.31 cm.