468,125 views
29 votes
29 votes
Find the balance on an account if you invest $ 381 at 1.2% for 11 years compounded annually.$ (round to the nearest cent)

User Don Smythe
by
2.6k points

2 Answers

11 votes
11 votes
You gotta idek that’s pretty hard
User Pez Cuckow
by
2.7k points
26 votes
26 votes

We know the formula for compound interest

A = P( 1 + r/n) ^ (nt)

where A is the amount in the account

P is the amount invested

r = rate in decimal form

n is the number of times it is copounded per year

t = number of years

A = 381 ( 1 + .012/1) ^ ( 1*11)

A = 381 (1.012)^11

A = 434.42080

Rounding to the nearest cent

A = 434.42

User Artie
by
2.3k points