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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

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