Alberto invests $4,571 in a retirement account with a fixed annual interest rate of 3% compounded 6 times per year. What will th
e account balance be after 18 years?
A) $7,833.32
B) $7,162.06
C) $7,602.38
D) $6,985.59
1 answer:
Answer:
A) $7,833.32
Step-by-step explanation:
Given data
Principal= $4,571
Rate=3%
n= 6
Time = 18 years
The expression for compound interest is
A=P(1+r/n)^nt
substitute
A= 4571(1+0.03/6)^6*18
A= 4571(1+0.03/6)^6*18
A= 4571(1+0.005)^6*18
A= 4571(1.005)^6*18
A= 4571(1.005)^108
A=4571*1.7136
A=$7832.86
Hence the approximate amount is A) $7,833.32
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