Kamal invested $1200 in a savings acc paying 1.8% per yr compound interest.

Mathematics

1 answer:

Greeley [361]3 years ago

7 0

Answer:

A = $1311 and 96cents

Step-by-step explanation:

$A = P(1 + \frac{r}{n})^{nt}$

P = $1200

r = 1.8% = 0.018

n = 1 (compounded yearly)

t = 5

$A = 1200(1 + 0.018)^5 = 1200 \times(1.018)^5 = 1311. 96$

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