Answered

At Westonci.ca, we make it easy to get the answers you need from a community of informed and experienced contributors. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

Avery deposited $1,250 in a new savings account. Determine which amount is closest to the balance of the account at the end of 3 years at 5.5% interest compounded annually if she did not make any further deposit or withdrawal.

Sagot :

samuelonum1

Answer:

$1456.25

Step-by-step explanation:

Given data

P= $1,250

t= 3 years

r=5.5%

The compound interest expression is given as

A= P(1+r)^t

substitute

A=  1250(1+0.055*3)

A=  1250(1+ 0.165)

A= 1250(1.165)

A= 1456.25

Hence the amount after 3 years is $1456.25

Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Thank you for visiting Westonci.ca. Stay informed by coming back for more detailed answers.