Find the final amount of money in an account if $7, 200 is deposited at 2.5 % interest compounded
1 answer:
The final amount is $7,615.27
A = P(1 + r/n)^t
Where,
A = Final amount
P = principal = $7, 200
r = interest rate = 2.5% = 0.025
n = number of periods = 4
t = time = 9 years
A = P(1 + r/n)^t
= 7,200(1 + 0.025/4)^9
= 7,200(1 + 0.00625)^9
= 7,200(1.00625)^9
= 7,200(1.0576769512798)
= 7,615.2740492152
Approximately,
A = $7,615.27
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