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Ierofanga [76]
3 years ago
11

Solve the problem. Round to the nearest cent.

Mathematics
2 answers:
sineoko [7]3 years ago
8 0

Answer:

a.  $2908.93

Step-by-step explanation:

We have been given that Stan’s savings account has a balance of $1986. The amount of interest be at 4% compounded annually.

To find the final amount after 23 years we will use compound interest formula.

A=P(1+\frac{r}{n})^{nT}, where,

A = Final amount,

P= Principal amount,

r = Annual interest rate in decimal form,

n = Number of times interest in compounded per year,

t = Time in years.

Let us convert our given rate in decimal form.

4\%=\frac{4}{100}=0.04

Upon substituting our given values in above formula we will get,

A=\$1986(1+\frac{0.04}{1})^{1*23}

A=\$1986(1+0.04)^{23}

A=\$1986(1.04)^{23}

A=\$1986*2.4647155431651442

A=\$4894.9250687259763812

To find the amount of interest we will subtract principal amount from final amount.

\text{Amount of interest}=\$4894.9250687259763812-\$1986

\text{Amount of interest}=\$2908.925068725976\approx 2908.93

Therefore, the amount of interest after 23 years will be $2908.93 and option a is the correct choice.

Alex17521 [72]3 years ago
7 0

1986*1.04^(23) = 4894.93


4894.93-1986 = 2908.93


Answer is A


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