Mathematics: Colin received a bonus check for $2,500. he is going to deposit the money into his bank account that revives 5.5% compounded annually. what is collins account balance after 15 years $4793 $6652 $5581 none of these choices are correct

Colin received a bonus check for $2,500. he is going

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philliple481

12.03.2022

$\bf ~~~~~~ \textit{Compound Interest Earned Amount}\\\\A=P\left(1+\frac{r}{n}\right)^{nt}\quad \begin{cases}A=\textit{accumulated amount}\\P=\textit{original amount deposited}\to &\$2500\\r=rate\to 5.5\%\to \frac{5.5}{100}\to &0.055\\n=\begin{array}{llll}\textit{times it compounds per year}\\\textit{annually, thus once}\end{array}\to &1\\t=years\to &15\end{cases}\\\\\\A=2500\left(1+\frac{0.055}{1}\right)^{1\cdot 15}\implies A=2500(1.055)^{15}\implies A\approx 5581.1912$

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paul1963

03.07.2020

Mathematics

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Colin received a bonus check for $2,500. he is going to deposit the money into his bank account that revives 5.5% compounded annually. what is collins account balance after 15 years $4793 $6652 $5581 none of these choices are correct

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