Question

Payments of $75 for 10 years at 9.6%/ a compounded annually

Answer 1

Answer:

The amount after 10 years is $187.57148

Step-by-step explanation:

we are given

amount deposited is $75

so, P=75

time is 10 years

so, t=10

9.6% compounded annually

so, r=9.6%

r=0.096

now, we can use formula

$A=P(1+r)^{t}$

now, we can plug value

$A=75(1+0.096)^{10}$

we get

$A=187.57148$

So,

The amount after 10 years is $187.57148