Final answer:
Ashley would have approximately $7433 in the account after 11 years.
Step-by-step explanation:
Ashley deposits $3,900 every year into an account earning an annual interest rate of 7.2% compounded annually. To calculate how much, she would have in the account after 11 years, we can use the formula for compound interest:
A = P (1 + r/n)nt
Where:
- A is the future value of the account.
- P is the principal amount, which is $3,900
- r is the annual interest rate, which is 7.2%
- n is the number of times interest is compounded per year, which is 1
- t is the number of years, which is 11
Plugging in the values, we get:
A = 3900(1 + 0.072/1)1*11
Simplifying the equation:
A = 3900(1.072)11
Calculating the future value using a calculator, Ashley would have approximately $7433 in the account after 11 years.