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Deffense [45]
3 years ago
11

Ryan deposited $6,700 into an account at the Town Bank, earning 3.4% interest compounded annually. He made no deposits or withdr

awals. Write and solve the equation to find the amount of money in his account after 4 years. Round to the nearest cent.
Mathematics
1 answer:
Nonamiya [84]3 years ago
6 0

Answer: The amount of money in his account after 4 years = $7,658.73

Step-by-step explanation:

If interest is compounded annually, then formula to compute amount :

A=P(1+r)^n, where P+ principal value, r= rate of interest, n= time ( in years).

As per given,

P= $6700 ,  r = 3.4% =0.034, n =4

A=6700(1+0.034)^4\\\\=6700(1.034)^4\\\\=6700(1.14309455234)\approx7658.73

Hence, the amount of money in his account after 4 years = $7,658.73

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