You deposit $8500 in an account that pays 1.78% annual interest. Find the balance after 10 years when the interest is compounded
2 answers:
Step-by-step explanation:
step 1. let's call the balance A, the initial amount P, the yearly rate r, the number of compounds yearly n, and the time t.
step 2. A = P(1 + r/n)^(nt) (compounding equation)
step 3. A = 8500(1 + .0178/12)^((12)(10))
step 4. A = 8500(1.00148334)^120
step 5. A = $10,154.68.
Answer: The answer is $10,154.68.
Step-by-step explanation:
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