Westonci.ca offers quick and accurate answers to your questions. Join our community and get the insights you need today. Join our Q&A platform to connect with experts dedicated to providing precise answers to your questions in different areas. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.
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.
We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. We're glad you visited Westonci.ca. Return anytime for updated answers from our knowledgeable team.
