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12 June, 09:03

Find the balance in a $900 interest account after 10 years if the interest rate is 4.62%, compounded annually.

$1,413.81

$941.58

$415.80

$4,158.00

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  1. 12 June, 12:27
    0
    The formula is

    A=p (1+r) ^t

    A future value?

    P present value 900

    R interest rate 0.0462

    T time 10 years

    A=900 * (1+0.0462) ^ (10)

    A=1,413.81
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