Mrs. Benton treats herself to a day at Nail Spa. The services she receives are a manicure for $25 and a pedicure for $30. She al
2 answers:
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Answer:
A = $11117.25
Step-by-step explanation:
Given the following data;
Principal = $7,500
Interest rate = 3.975% = 3.975/100 = 0.03975
Number of times, n = 2
Time, t = 10 years
To find the future value, we would use the compound interest formula;
Where;
A is the future value.
P is the principal or starting amount.
r is annual interest rate.
n is the number of times the interest is compounded in a year.
t is the number of years for the compound interest.
Substituting into the equation, we have;
A = $11117.25