Respuesta :
Answer:
$87.23.
Step-by-step explanation:
We are asked to find the amount after 4 years compounded monthly at the rate of 2.8% APR.
We will use compound interest formula to solve our given problem.
[tex]A=P(1+\frac{r}{n})^nT[/tex], where,
A = Final amount after T years,
P = Principal amount,
r = Interest rate in decimal form,
n = Number of times interest is compounded per year.
T = Time in years.
Let us convert our given rate in decimal form.
[tex]2.8\%=\frac{2.8}{100}=0.028[/tex]
Upon substituting our given values in compound interest formula we will get,
[tex]A=78(1+\frac{0.028}{12})^{12*4}[/tex]
[tex]A=78(1+0.002333)^{48}[/tex]
[tex]A=78(1.002333)^{48}[/tex]
[tex]A=78*1.1183669447674708747[/tex]
[tex]A=87.2326216918627282266\approx 87.23[/tex]
Therefore, we will have $87.23 in the account after 4 years.
Answer:
3956.84
Step-by-step explanation:
just took the quiz hope this helps
