Answer:
A = $7,554.84
A = P + I where
P (principal) = $4,500.00
I (interest) = $3,054.84First, convert R as a percent to r as a decimal
r = R/100
r = 2.73/100
r = 0.0273 rate per year,
Then solve the equation for A
A = P(1 + r/n)nt
A = 4,500.00(1 + 0.0273/12)(12)(19)
A = 4,500.00(1 + 0.002275)(228)
A = $7,554.84
Summary:
The total amount accrued, principal plus interest, with compound interest on a principal of $4,500.00 at a rate of 2.73% per year compounded 12 times per year over 19 years is $7,554.84.
Explanation: