Explore Westonci.ca, the top Q&A platform where your questions are answered by professionals and enthusiasts alike. Discover in-depth answers to your questions from a wide network of experts on our user-friendly Q&A platform. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.
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
Thanks for stopping by. We are committed to providing the best answers for all your questions. See you again soon. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Find reliable answers at Westonci.ca. Visit us again for the latest updates and expert advice.
