Question

Emily was given $600 for her high school graduation. She invested it in

an account that earns 2.4% interest per year. If she does not make any
deposits or withdrawals, which expression can be used to determine the
amount of money that will be in the account after 4 years?

Answer 1

The amount of money that will be in the account after 4 years is approximately $655.01.

Step-by-step explanation:

To determine the amount of money that will be in the account after 4 years, we can use the formula for compound interest, which is:

A = P(1+r)^n

Where:

• A is the future value of the account
• P is the principal or initial amount
• r is the interest rate per period
• n is the number of periods

In this case, Emily invested $600 at an interest rate of 2.4% per year, so:

• P = $600
• r = 2.4%
• n = 4 years

Substituting the values into the formula:

A = $600(1+0.024)^4 = $600(1.024)^4 ≈ $655.01

Therefore, the amount of money that will be in the account after 4 years is approximately $655.01.