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Sindrei [870]
3 years ago
11

Question 2

Mathematics
1 answer:
sleet_krkn [62]3 years ago
8 0

Therefore $754.94 will be in account after 15 years.

Step-by-step explanation:

Given , Sarah opens a saving account that has a 2.75% annual interest rate , compounded monthly. She deposits $500 into the account.

P = $500, r = 2.75% = 0.0275 , t = 15 years and n= 12

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

                 =\$500(1+\frac{0.0275}{12})^{(12\times15)}

                  =$754.94

Therefore $754.94 will be in account after 15 years.

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