The formula to calculate compound interest is:
A = P(1 + r/n)^(nt)
Where:
A = the future value of the investment/loan, including interest
P = principal investment amount (initial deposit)
r = annual interest rate (decimal)
n = number of times that interest is compounded per year
t = number of years the money is invested/borrowed for
In this case, Brody invested $220 at an interest rate of 3.6% compounded annually for 17 years. So we can plug these values into the formula:
A = 220(1 + 0.036/1)^(1*17)
A = 220(1 + 0.036)^17
A = 220(1.036)^17
A = 220(1.925409)
A = $424.99
Therefore, to the nearest ten dollars, there would be approximately $425 in the account after 17 years.
Brody invested 220 in an account paying an interest rate of 3.6 compounded annually. Assuming no deposits or withdrawals are made how mich money to the nearest ten dollars would be in the account after 17 years
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