Answered

Explore Westonci.ca, the top Q&A platform where your questions are answered by professionals and enthusiasts alike. Join our Q&A platform to get precise answers from experts in diverse fields and enhance your understanding. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.

You are going to deposit $20,500 today. you will earn an annual rate of 3.9 percent for 14 years, and then earn an annual rate of 3.3 percent for 17 years. how much will you have in your account in 31 years

Sagot :

okpalawalter8

You are going to deposit $20,500 today, what you will have in your account in 31 years is mathematically given as

A=60824.276

What is Compound Interest?

Generally, the equation for Compound Interest is mathematically given as

A=P(1+r/100)^n

Therefore

A=$20500*(1.039)^14*(1.033)^17

A=$20500*2.967038158

A=60824.276

In conclusion, the compound interest

A=60824.276

Read more about compound interest

https://brainly.com/question/22621039

#SPJ1

Thanks for using our platform. We're always here to provide accurate and up-to-date answers to all your queries. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.