Math, asked by 25bwixon, 3 months ago

Allison invested $1300 in an account that pays 4.25% interest compounded annually. Assuming no deposits or withdrawals are made, find how much money Allison would have in the account 15 years after her initial investment.

Answers

Answered by aidanbaldobino

Answer:

Final balance is $2427.08, she made $1127.08

Step-by-step explanation:

For this first part you just multiply 1300*1.0425 and then you multiply the product by 1.0425 15 times. You do this because you gain 4.25% every year so you need to account for the extra money gained by multiplying by the new balance

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