FindleyP114358 FindleyP114358
  • 30-10-2022
  • Mathematics
contestada

Find the balance on an account if you invest $ 381 at 1.2% for 11 years compounded annually.$ (round to the nearest cent)

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ColtW382123 ColtW382123
  • 30-10-2022

We know the formula for compound interest

A = P( 1 + r/n) ^ (nt)

where A is the amount in the account

P is the amount invested

r = rate in decimal form

n is the number of times it is copounded per year

t = number of years

A = 381 ( 1 + .012/1) ^ ( 1*11)

A = 381 (1.012)^11

A = 434.42080

Rounding to the nearest cent

A = 434.42

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