Question

Need Help Please!!!!!!!

Answer 1

Correct choice is $1413.81.

Explanation:

Initial amount P = $900

Rate of interest = r = 4.62% = 0.0462

Number of compounding periods per year n = 1 {Compounded annually}

Time = 10 years

Then balance that is future value after 10 years in the account is given by formula :

`A=P\left(1+(r)/(n)\right)^(\left(n\right)\left(t\right))`

`A=900\left(1+(0.0462)/(1)\right)^(\left(1\right)\left(10\right))`

`A=900\left(1+0.0462\right)^(\left(10\right))`

`A=900\left(1.0462\right)^(\left(10\right))`

`A=900\left(1.57089499829\right)`

`A=1413.80549846`

Hence correct choice is $1413.81.

Answer 2

$1,413.81

EXPLANATION

The compound interest formula is given by:

`A=P(1+r\%)^t`

Where P=900 is the balance in the account, t=10 is the number of years and r=0.0462 is the rate.

We substitute the values in to the formula to get:

`A=900(1+4.62\%)^(10)`

`A=900(1.0462)^(10)`

This simplifies to:

`A=1413.81`

Therefore $1413.81 will be in the account after 10 years.