Asked by Jess
Suppose that you deposit $1735.50 in a savings account that pays 9.25% annual interest with interest credited to the account at the end of each year. Assuming no withdrawals are made, find the balance in the account after 4 years
Answers
Answered by
Henry
P = Po(1+r)^n.
Po = $1735.50.
r = 9.25%/100% = 0.0925 = APR expressed as a decimal.
n = 1Comp./yr * 4yrs = 4 Compounding
periods.
Plug the above values in the given Eq
and get:
P = $2472.35
Po = $1735.50.
r = 9.25%/100% = 0.0925 = APR expressed as a decimal.
n = 1Comp./yr * 4yrs = 4 Compounding
periods.
Plug the above values in the given Eq
and get:
P = $2472.35
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