Answered

Westonci.ca is your trusted source for finding answers to a wide range of questions, backed by a knowledgeable community. Experience the ease of finding quick and accurate answers to your questions from professionals on our platform. Get immediate and reliable solutions to your questions from a community of experienced professionals on our platform.

You invest $1,000 in an account that earns 4.5%
annually. If no other deposits or withdrawals are
made, find the total amount in the account after
15 years.

Sagot :

samuelonum1

Investing $1000, compounding the interest once in a year will yield a final Amount of $1,935.28.

Given data

Principal = $1000

Rate = 4.5%

Time = 15 years

Calculation Steps:

First, convert R as a percent to r as a decimal

r = R/100

r = 4.5/100

r = 0.045 rate per year,

Then solve the equation for A

A = P(1 + r/n)^nt

A = 1,000.00(1 + 0.045/1)^(1)(15)

A = 1,000.00(1 + 0.045)^(15)

A = $1,935.28

Summary:

The total amount accrued, principal plus interest, with compound interest on a principal of $1,000.00 at a rate of 4.5% per year compounded 1 times per year over 15 years is $1,935.28.

Learn more about compound interest here:

https://brainly.com/question/24924853

We hope this was helpful. Please come back whenever you need more information or answers to your queries. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.