Question

Find the final amount of money in an account if $7, 200 is deposited at 2.5 % interest compounded

Answer 1

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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