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3 years ago

Applying the Compound Interest Formula

Mathematics

1 answer:

Dmitry_Shevchenko [17]3 years ago

4 0

Answer:

The amount is $8358.7 and the interest is $3858.7.

Step-by-step explanation:

STEP 1: To find amount we use formula:

A=P(1+rn)n⋅t

A = total amount

P = principal or amount of money deposited,

r = annual interest rate

n = number of times compounded per year

t = time in years

In this example we have

P=$4500 , r=7% , n=2 and t=9 years

After plugging the given information we have

A=4500(1+0.072)2⋅9A=4500⋅1.03518A=4500⋅1.857489A=8358.7

STEP 2: To find interest we use formula A=P+I, since A=8358.7 and P = 4500 we have:

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