Ask Question
17 May, 06:41

If a savings account of $48,900 is compounded annually at 19.1% annual interest, how much will the account be worth in 53 months? Round your answer to the nearest cent. Note: 360 days in a year and 30 days in a month.

+4
Answers (1)
  1. 17 May, 07:20
    0
    Interest rate i=19.1% compounded annually.

    Initial deposit, P=48900

    Time t=53 months=53/12 years

    Use compound interest formula

    Future value,

    F=P (1+i) ^ (t) = 48900 (1+0.191) ^ (53/12)

    = $105,824.40 (to the nearest cent)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “If a savings account of $48,900 is compounded annually at 19.1% annual interest, how much will the account be worth in 53 months? Round ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers