Answered

Find the best answers to your questions at Westonci.ca, where experts and enthusiasts provide accurate, reliable information. Explore a wealth of knowledge from professionals across various disciplines on our comprehensive Q&A platform. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.

Alex invests $12,500 in a savings account that pays 2. 75% interest compounded quarterly. How much money will he have in the account after 10 years?.

Sagot :

ajeigbeibraheem

The amount of money that he will have in the account after 10 years is $16441

What is compound interest?

Compound interest is the interest rate on a debt or deposit that is calculated using both the starting principal and the interest collected over time.

It can be calculated by using the formula:

[tex]\mathbf{A = P(1 + \dfrac{r}{n})^{nt}}[/tex]

[tex]\mathbf{A = 12500 (1 + \dfrac{0.0275}{4})^{4 \times 10}}[/tex]

A = $16441.155

A ≅ $16441

Learn more about compound interest here:

https://brainly.com/question/24924853

Thank you for trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Get the answers you need at Westonci.ca. Stay informed with our latest expert advice.