Sumara Kato's savings account has a balance of $1663. After 19 years, how much interest
1 answer:
Answer: $2936.27
Step-by-step explanation:
Present value = $1663
Rate = 5.5%
Time(n) = 19years
Future value= PV(1+r)^n
= 1663(1+5.5%)^19
= 1663(1.055)^19
=1663 × 2.766
=4599.86
Interest = Future value - Present value
= $4599 - $1663
= 2936
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