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Sagot :
Answer:
A = $3,926.71
Step-by-step explanation:
Given: Principal (P) = $3200, Annual Rate (R) = 4.1%, Time = 5 years
To find: How much money would he have in the account after 5 years, if he made no deposits or withdrawals during that time?
Formula: [tex]A = P(1 + r/n)^nt[/tex]
Solution: Compound interest is one of the most important concepts to understand when managing your finances. It can help you earn a higher return on your savings and investments, but it can also work against you when you're paying interest on a loan
First, convert R as a percent to r as a decimal
r = R/100
r = 4.1/100
r = 0.041 rate per year,
Then solve the equation for A
A = P(1 + r/n)[tex]^{nt}[/tex]
A = 3,200.00(1 + 0.041/12)[tex]^{(12)(5)}[/tex]
A = 3,200.00(1 + 0.003416667)[tex]^{(60)}[/tex]
A = $3,926.71
Hence, Jay would have $3,926.71 after 5 years is if he made no deposits or withdrawals during that time.
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