Question

Help with this math question please

Answer 1

Principal Amount = P = $ 4100
Interest rate = r = 7.25% = 0.0725
Time in years = t = 8 years
Amount accumulated = A

Formula for compound interest is:

$A=P e^{rt}$

Using the given values, we get:

$A=4100 e^{0.0725*8}=7322.76$

Rounding of to nearest hundredth, the balance in the account after 8 years will be $7322.76