Problemas
6. Derise has 90 in a savings account that compounded amaly to the tearest pering how much will she have in 3 years? don't answer, or slip ing spaces in answer. square
Roztwór
Isaac
maestro · Tutor durante 5 años
4.4
(222 Votos)
Respuesta
To solve this problem, we need to use the formula for compound interest:
where:-
is the amount of money accumulated after
years, including interest.-
is the principal amount (the initial amount of money).-
is the annual interest rate (in decimal).-
is the number of times that interest is compounded per year.-
is the time the money is invested for, in years.Given:-
-
(assuming an annual interest rate of 5%)-
(compounded annually)-
Plugging these values into the formula:
Rounding to the nearest cent, Derise will have approximately 103.92 in her savings account after 3 years.