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julsineya [31]
3 years ago
15

Arlo invested $4000 in an account that earns 5.5% interest compounded annually the formula for compound interest interest is A (

t)=P(1+l). How much did arlo have in the account after 4 years
Mathematics
2 answers:
timama [110]3 years ago
7 0

Answer: 4,955.30

Step-by-step explanation:

Alika [10]3 years ago
3 0
For compounding interests, we use the equation F = P (1+i)^n where F is the future amount of the principal amount, P, in n years. Take note that the interest to be used should be the effective interest rate. In this case, it is already the effective interest rate.

F = P (1+i)^n
F = $4000 (1+.055)^4
F = $4955.2986
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