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nadya68 [22]
3 years ago
8

Please help!!! 40 pts The principal represents an amount of money deposited in a savings account subject to compound interest at

the given rate. Find how much money will be in the account after the given number of years (Assume 360 days in a year.), and how much interest was earned. Principal: $9500 Rate:4.5% Compounded: Monthly Time: 4 years
Mathematics
1 answer:
LiRa [457]3 years ago
7 0
<h3>Answer:  $11,369.74</h3>

Note: you may need to leave off the dollar sign and leave off the comma if you are typing the answer into a computer system.

===========================================================

Explanation:

We'll use the compound interest formula

A = P*(1+r/n)^(n*t)

The variables are:

  • A = account balance after t years
  • P = deposit amount or principal
  • r = interest rate in decimal form
  • n = number of times the money is compounded per year
  • t = number of years

In this case, we know the following values:

  • P = 9500 is the deposit amount
  • r = 0.045  since 4.5% = 4.5/100 = 0.045
  • n = 12 because we're compounding monthly or 12 times a year
  • t = 4 is the number of years

They are all plugged into the formula mentioned to get

A = P*(1+r/n)^(n*t)

A = 9500*(1+0.045/12)^(12*4)

A = 11369.7365854849

A = 11,369.74

After 4 years, there will be $11,369.74 in the account.

Side note: The info that "assume 360 days in a year" would only apply if we were compounding daily.  

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3 years ago
he Sunny Days Apartment building has a cylindrical, above ground pool in the yard. The radius of the pool is 1.5 times its heigh
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Step-by-step explanation:

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