madisynjohnson1 madisynjohnson1

07-05-2018
Mathematics

contestada

you invest $1,600 in an account that pays an interest rate of 4.75%. calculate the balance of your account after 7 year round the answer to the nearest hundredth

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TheBusinessMan TheBusinessMan

08-05-2018

A = P (1 + r/n) ^nt
P = 1600
r = .0475
n = 1 (assuming its compounded annually)
T = 7

Answer: $2214.10

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