Avery deposited $1,250 in a new savings account. Determine which amount is closest to the balance of the account at the end of 3
years at 5.5% interest compounded annually if she did not make any further deposit or withdrawal.
1 answer:
Answer:
$1456.25
Step-by-step explanation:
Given data
P= $1,250
t= 3 years
r=5.5%
The compound interest expression is given as
A= P(1+r)^t
substitute
A= 1250(1+0.055*3)
A= 1250(1+ 0.165)
A= 1250(1.165)
A= 1456.25
Hence the amount after 3 years is $1456.25
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