17. Sam deposited $4,625 into a bank account that earns 3 3/4% compound interest, compounded annually. Calculate Sam’s interest

Question

17. Sam deposited $4,625 into a bank account that earns
3 3/4% compound interest, compounded annually. Calculate
Sam’s interest and total after 2 years. A = P(1 + r)

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Thành Đạt 4 years 2021-07-31T03:00:17+00:00 1 Answers 12 views 0

Answers ( )

  1. ngochoa
    0
    2021-07-31T03:02:08+00:00
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    9514 1404 393

    Answer:

    • interest: $353.38
    • total: $4978.38

    Step-by-step explanation:

    The equation for calculating the balance in an account earning compound interest is …

      A = P(1 +r)^t

    where r is the annual rate and t is the number of years.

    For Sam’s account, the balance after 2 years is …

      A = $4625(1 +0.0375)^2 = $4978.38

    The interest is the amount in excess of the deposited amount:

      $4978.38 -4525.00 = $353.38

    Sam’s interest was $353.38, giving him a total of $4978.38.

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