adrianeLEO21
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PLEASE HELP ME!!
For the following exercise, use the compound interest formula, A(t) = P(1 +r/n)^t.
where money is measured in dollars.
After a certain number of years, the value of an investment account is represented by the expression 10,400(1 +0.02/2)^20
had the account been accumulating interest?

How many years

PLEASE HELP ME For the following exercise use the compound interest formula At P1 rnt where money is measured in dollars After a certain number of years the val class=

Respuesta :

Answer:

A = $10,441.68

A = P + I where

P (principal) = $10,400.00

I (interest) = $41.68

Step-by-step explanation:

First, convert R as a percent to r as a decimal

r = R/100

r = 0.02/100

r = 0.0002 rate per year,

Then solve the equation for A

A = P(1 + r/n)nt

A = 10,400.00(1 + 0.0002/2)(2)(20)

A = 10,400.00(1 + 0.0001)(40)

A = $10,441.68

Summary:

The total amount accrued, principal plus interest, with compound interest on a principal of $10,400.00 at a rate of 0.02% per year compounded 2 times per year over 20 years is $10,441.68.

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