Question

use the formula a=p(1+r/n)nt to find the compound interest account . zakk deposited $5600.0in an account which compounded 1.9%quarterly and left there for ten years. what was the amount in the account at the end of ten years,?​

Answer 1

Answer:

$A=\ 6,768.75$  

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  

$t=10\ years\\ P=\ 5,600\\ r=0.019\\n=4$  

substitute in the formula above  

$A=\ 5,600(1+\frac{0.019}{4})^{4*10}$  

$A=\ 5,600(1.00475)^{40}=\ 6,768.75$