Answer:
The answer is $43623.50
Step-by-step explanation:
This problem is on compound interest.
the expression for compound interest is given as
A=P(1+r)^t
A = final amount
P = initial principal balance
r = interest rate
n = number of times interest applied per time period
t = number of time periods elapsed
Given data
P= $2,500
r= 10/100= 0.1
t= 30 years
substituting into the expression for compound interest and solving for A we have
A=2500(1+0.1)^30
A=2500(1.1)^30
A=2500*17.449
A=$43623.50
The final amount is $43623.50
Her account balance is a result of Jenna’s(A annuity payments)
