jenavieacosta10 jenavieacosta10

18-03-2021
Mathematics

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if you deposit 4500 at 5% annual interest compounded annually how much money will be in the account after 30 months

if you deposit 4500 at 5 annual interest compounded annually how much money will be in the account after 30 months class=

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senpaicaffeinated senpaicaffeinated

18-03-2021

Answer:

A = $ 50,978.44

Step-by-step explanation:

First, convert R percent to r a decimal

r = R/100

r = 5%/100

r = 0.05 per year,

Then, solve our equation for A

A = P(1 + r/n)nt

A = 45,000.00(1 + 0.004166667/12)(12)(2.5)

A = $ 50,978.44

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