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The Russells are saving up to go on a family vacation in years. They invest into an account with an annual interest rate of compounded annually.

Answer the questions below. Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas.

Need Help Please The Russells Are Saving Up To Go On A Family Vacation In Years They Invest Into An Account With An Annual Interest Rate Of Compounded Annually class=

Sagot :

Answers:

(a)   2497.78

(b)   97.78

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Work Shown for part (a)

A = P*(1 + r/n)^(n*t)

A = 2400*(1+0.0134/1)^(1*3)

A = 2497.77860665

A = 2497.78

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Work Shown for part (b)

interest = Final - Deposit

interest = A - P

interest = 2497.78 - 2400

interest = 97.78

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