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makvit [3.9K]
3 years ago
7

Hassan invested $900 in an account that pays 4.75% interest compounded annually. Assuming no deposits or withdrawals are made, f

ind how much money Hassan would have in the account 9 years after his initial investment. Round to the nearest tenth (if necessary).
show work please
Mathematics
2 answers:
Vsevolod [243]3 years ago
8 0
In 9 years he will have $1,366.6
mestny [16]3 years ago
6 0

~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$900\\ r=rate\to 4.75\%\to \frac{4.75}{100}\dotfill &0.0475\\ n= \begin{array}{llll} \textit{times it compounds per year} \end{array}\dotfill &1\\ t=years\dotfill &9 \end{cases} \\\\\\ A=900\left(1+\frac{0.0475}{1}\right)^{1\cdot 9}\implies A=900(1.0475)^9\implies A\approx 1366.6

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Transpose to make r the subject

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