2900 dollars is placed in an account with an annual interest rate of 9%. How much will be in the account after 13 years, to the nearest cent?
Answers
Answer:
top of the list of things I need you and I hope you have fun at work today and will not be able and I will be in touch soon with the kids.
Step-by-step explanation:
good morning I have a meeting at the church on Saturday and Sunday and we can go to the store for a few things and I will be there at the same time I don't have to work on the house phone when I get to the office and I will get back in the gym at work but will have to be after work to
Answer:
$5990.833
Step-by-step explanation:
A=2900(1+
1
0.09
)
1∗13
=8890.83
And the value after 13 years would be $8890.83.
Step-by-step explanation:
For this case we assume that we can use the compound interest formula given by:
A = P(1+ \frac{r}{n})^{nt}A=P(1+
n
r
)
nt
Where:
A= represent the future value
P = represent the present value
r= the interest rate on fraction
n= number of times that the interest is effective in a year
For this case we have the following info:
P=2900$, r= 0.09, n = 1 (since it's annual) and t =13 years
We want to find the value of A and if we replace we got:
A = 2900 (1+ \frac{0.09}{1})^{1*13}= 8890.83A=2900(1+
1
0.09
)
1∗13
=8890.83
And the value after 13 years would be $8890.83.
And the amount of interest earned would be: 8890.83-2900=$5990.833