3 years ago

HELP I HAVE TEN MINUTES!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Mathematics

1 answer:

Flura [38]3 years ago

8 0

No

Explanation

Do it on your own

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A principal of $4,570 is placed in an account that earns 4. 5% interest. If the interest is compounded annually, how much money

iVinArrow [24]

$~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$4570\\ r=rate\to 4.5\%\to \frac{4.5}{100}\dotfill &0.045\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{annually, thus once} \end{array}\dotfill &1\\ t=years\dotfill &5 \end{cases} \\\\\\ A=4570\left(1+\frac{0.045}{1}\right)^{1\cdot 5}\implies A=4570(1.045)^5\implies A\approx 5695.05$