Question

plz help me plz Suppose we deposit $2583 in a savings account earning 2.7% per year, compounded annually. Calculate the value of the account at the end of year 35. Do not round until the very last calculation. Then round your answer to the nearest whole number.

Answer 1

$6,563

Explanation:

First, place the numbers into the formula A=P(1+r)^n and make the percent into a decimal:

A= 2,583(1+0.027)^35

Solve the equation and you get your answer:

6,562.811525

Round to the nearest whole number:

$6,563