AleisterZ37179 AleisterZ37179
  • 25-10-2022
  • Mathematics
contestada

katie placed $2500 in a savings account compounded annually at 1.75%. what is the value of her account after 4 years?

Respuesta :

RyersonF650109 RyersonF650109
  • 25-10-2022

We can solve this question using the formula for compound interest:

[tex]F=P\cdot(1+i)^n[/tex]

F = ?

P = $2500

i = 1.75

n = 4

Then, we have:

[tex]F=2500\cdot(1+\frac{1.75}{100})^4\Rightarrow F=2679.6475\Rightarrow F=2679.65[/tex]

The value of her account after 4 years is about $2679.65.

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