1 year ago

Caleb invested $1400 in an account that pays 4% interest compounded annually.

Mathematics

1 answer:

34kurt1 year ago

3 0

Answer:

$1842.30

Step-by-step explanation:

Calculation Steps:

First, convert R as a percent to r as a decimal

r = R/100

r = 4/100

r = 0.04 rate per year,

Then solve the equation for A

A = P(1 + r/n)^nt

A = 1,400.00(1 + 0.04/1)^(1)^(7)

A = 1,400.00(1 + 0.04)^(7)

A = $1,842.30

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