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DiKsa [7]
3 years ago
14

$800 is deposited in an account

Mathematics
1 answer:
Sergeeva-Olga [200]3 years ago
8 0

Answer:

The balance after four years is $1129.27

Step-by-step explanation:

The formula for compound interest, including principal sum, is A=P(1+\frac{r}{n})^{nt}

  • A = the future value of the investment/loan, including interest
  • P = the principal investment amount (the initial deposit or loan amount)
  • r = the annual interest rate (decimal)
  • n = the number of times that interest is compounded per unit t
  • t = the time the money is invested or borrowed for

∵ $800 is deposited in an account

∴ P = 800

∵ The account pays 9% annual interest

∴ r = 9% = 9 ÷ 100 = 0.09

∵ The interest is compounded annually

∴ n = 1

∵ The time is 4 years

∴ t = 4

- Substitute the values of P, r, n, and t in the formula above

∵ A=800(1+\frac{0.09}{1})^{(1)(4)}

∴ A=800(1.09)^{4}

∴ A = 1129.265

∴ The balance after four years is $1129.27

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