Question

A credit union client deposits $4,300 in an account earning 7.5% interest, compounded daily. What will the balance of the account be at the end of 22 years?

Answer 1

$211082.7

Explanation:

Step one:

Given data

Principla= $4,300

interest= 7.5%

time = 22 years

Step two:

the compound interest is

`A= P(1+r)^t\\\\A= 4300(1+0.075)^2^2\\\\A= 43000(1.075)^2^2\\\\A=43000*4.9089\\\\`

A=$211082.7