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Which of the following is the balance for a single $2.520 deposit in an account with an APR of 1.16% that compounds interest monthly and is invested for 37 years? Which of the following is the balance for a single $ 2.520 deposit in an account with an APR of 1.16 % that compounds interest monthly and is invested for 37 years ?​

Sagot :

genan

Answer:

The balance after 37 years is $3869.99

Step-by-step explanation:

Given:

  • Principal (P) =  $2,520
  • Rate of Interest (R) = 1.16%
  • Time (t) = 37 years
  • Compounds Interest Monthly (n) = 12

The Amount (A),

A = P (1 + [tex]\frac{R}{100n}[/tex][tex])^{nt}[/tex]        if compound n times per year

Amount (A) at 37 years,

A = ($2,520) (1 + [tex]\frac{1.16}{100(12)}[/tex][tex])^{12 x 37}[/tex]

A = ($2,520) (1 + [tex]\frac{1.16}{1,200}[/tex][tex])^{444}[/tex]

A = ($2,520) (1.00096667 [tex])^{444}[/tex]

A = ($2,520) (1.5357)

A = $3869.9944

Learn more about Compounds Interest here: https://brainly.com/question/12325365

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