maxismiles2222
maxismiles2222 maxismiles2222
  • 01-06-2022
  • Mathematics
contestada

If $3700 is invested at a rate of 2.4% that is compounded annually, how much will it be worth after 4 years?​

Respuesta :

abidemiokin
abidemiokin abidemiokin
  • 15-06-2022

The amount the money will be worth in 4 years is $4072.41

Compound interest

The formula for calculating the compound interest is expressed as;

A = P(1+r/n)^nt

Given the following

P = $3700

rate r = 2.4% = 0.024

n =12

t = 4 years

Substitute

A = 3700(1+0.024/12)^12(4)
A = 3700(10.024/12)^48

A =  3700(1.10065)

A= 4072.41

Hence the amount the money will be worth in 4 years is $4072.41

Learn more on compound interest here: https://brainly.com/question/24924853

#SPJ1

Answer Link

Otras preguntas

In 1803, the United States bought Louisiana Territory from France. The deal, known as the Louisiana Purchase, doubled the size of the U.S. and opened a new fro
Which geological features did Sally Ride observe from orbit?
Which geological features did Sally Ride observe from orbit?
Who was the oldest signatory of the Declaration of Independence?
Who was the oldest signatory of the Declaration of Independence?
According to marginal analysis, you should spend more time studying economics if the extra benefit from an additional hour of study: a. is positive. b. outweigh
United States inventor (born in Scotland) of the telephone (1847-1922)
Whats is the definition of Parallel Circuit
Where does the Liberty Bell hang?
This is inverse functions...any help on 3aii?