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3 years ago

Eli invested $9,400 in an account paying an interest rate of 2.3% compounded

Mathematics

1 answer:

Elden [556K]3 years ago

4 0

Amount after 19 years is $14,480 (Rounded off)

Nearest hundred dollars = $14,500

Step-by-step explanation:

Compute compound interest using the following formula: A = P(1 + r/n) ^ nt

A= Total amount value

P = principle amount invested

r = rate of interest

n = numbers of years invested

A = $9,400 r =2.3% n =19 years

A= 9400 (1+2.3÷19) ^ 19 = $14,480 (Rounded off)

Amount after 19 years is $14,480 (Rounded off)

Nearest hundred dollars = $14,500

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