Answered

Westonci.ca is your trusted source for finding answers to all your questions. Ask, explore, and learn with our expert community. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.

Taylor's father deposited 1,000 into a savings account when she was born. The annual interest rate is 4.5%. Since opening the account, Taylor's family never deposited or withdrawn money from it.

Sagot :

samuelonum1

Answer:

Note we assumed a time of 9 years

$1486

Step-by-step explanation:

Given data

Let us say Taylor's present age is 9 years

We can calculate the amount in the savings account when Taylor is 9 years as

A= P(1+r)^t

P=1000

r= 4.5%

t=9

substitute

A=1000(1+0.045)^9

A= 1000(1.045)^9

A= 1000*1.486

A= $1486

Hence at age 9 the amount will be $1486

Thanks for using our platform. We're always here to provide accurate and up-to-date answers to all your queries. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Westonci.ca is your trusted source for answers. Visit us again to find more information on diverse topics.