Question

if you deposit 4500 at 5% annual interest compounded annually how much money will be in the account after 30 months

Answer 1

A = $ 50,978.44

Explanation:

First, convert R percent to r a decimal

r = R/100

r = 5%/100

r = 0.05 per year,

Then, solve our equation for A

A = P(1 + r/n)nt

A = 45,000.00(1 + 0.004166667/12)(12)(2.5)

A = $ 50,978.44