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denis23 [38]
3 years ago
15

Scott invested $1,600 into a retirement account that earns 2.4% interest

Mathematics
1 answer:
Anit [1.1K]3 years ago
8 0

Answer:

A  = $3294.73

Step-by-step explanation:

Use the compound amount formula:

A = P(1 + r/n)^(n*t), where n represents the number of compounding periods per year.

Here,

A = $1600(1 + 0.024/12)^(12*30)

   = $1600*(1 + 0.002)^(12*30)

   = $1600(1.002)^360

A  = $3294.73

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