Isabella invested $1300 in an account that pays 4.5% compounded annually. Assuming no deposits or withdrawals are made , find ho
w much money Isabella would have in the account 14 years after her initial investment . Round to the nearest tenth.
1 answer:
Answer:
$2,407.5
Step-by-step explanation:
To solve this question, we will use the formula for calculating the amount formula as shown;
A =P(1+r)^n
Given that;
P = #$1300
r = 4.5% = 0.045
t = 14years
Substitute
A = 1300(1+0.045)^14
A = 1300(1.045)^14
A = 1300(1.8519)
A = 2,407.5
Hence Isabella would have $2,407.5 in her account after 14years
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