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Pls help I’ll give 23 points
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37 votes
37 votes
Pls help I’ll give 23 points

Pls help I’ll give 23 points-example-1
User Batatop
by
2.8k points

1 Answer

24 votes
24 votes

Answer:

  • $2594.07

Explanation:

  • Principal P = $2250
  • Interest rate r = 2.4% = 0.024 PA compounded
  • Compound number n = 1 (once per year)
  • Time t = 6 years

Future amount formula:

  • F = P(1 + r/n)^(nt)

Substitute given values:

  • F = 2250(1 + 0.024)^6 = 2594.07
User Derek Kurth
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2.7k points
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