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Sagot :
Answer:
$4920446.6202
Step-by-step explanation:
the formula for compound interest is: P(1+ r/n)^n*t
p= principle (the amount of money you invest/ start with)
r= the interest rate (which is the percentage in decimal)
n= the number of times its compounded per year (52 weeks per year)
t= the amount of time (usually in years)
now, you plug the numbers youre given into the formula:
93000(1+0.0819/52)^52*11
= $4920446.62402
hope this helps :)
Mile's account balance after 11 years will be $228,786.8
What is the formula for compound interest?
"[tex]A=P(1+\frac{r}{n} )^{nt}[/tex]
where A = Accrued amount (principal + interest)
P = Principal amount
r = interest rate as a decimal
R = interest rate as a percent
r = R/100
n = number of compounding periods
t = time in years"
For given question,
P = $93000,
t = 11 years
n = 52 (weekly compounding)
R = 8.19%
So, the interest rate in decimal would be,
[tex]\Rightarrow r =\frac{8.19}{100}\\\\\Rightarrow r =0.0819[/tex]
Using the formula of compound interest,
[tex]\Rightarrow A=P(1+\frac{r}{n} )^{nt}\\\\\Rightarrow A=93000(1+\frac{0.0819}{52} )^{52\times 11}\\\\\Rightarrow A=93000(1+\frac{0.0819}{52} )^572\\\\\Rightarrow A=228,786.8[/tex]
Therefore, Mile's account balance after 11 years will be $228,786.8
Learn more about the compound interest here:
https://brainly.com/question/22979103
#SPJ2
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