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svet-max [94.6K]

3 years ago

13

Sophia puts $250 in the bank with a 2.5% annual interest rate compounded monthly. If Sophia does not touch his money, how much m

oney will she have after four years? A) $260.00 B) $275.00 C) $275.95 D) $276.26

1 answer:

Fittoniya [83]3 years ago

7 0

Answer:

<h3> D) $276.26</h3>

Step-by-step explanation:

Deposited amount initially (P) = $250.

Rate of interest(r) = 2.5% compounded monthly = 0.025

Number of years (t) = 4.

Number of months in an year (n) = 12.

Formula for compound interest:

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

Plugging values in formula, we get

$A= 250(1+\frac{0.025}{12})^{12\times 4}$

$A= 250(1.00208)^{48}$

$A= 250\times \:1.10506$

A=276.26.

<h3>Therefore, correct option is D) $276.26.</h3>

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In this problem

The geometric sequence formula is equal to

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For $n\geq 1$

therefore

the answer is

the common ratio for the geometric sequence above is $\frac{5}{8}$

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