Mathematics: Use the compound interest formula, a = p(1 + r/n)^nt, to find the following amount of money after the given amount of time: blake opens a savings account in a bank with an annual interest rate of 2.7%. if he deposits $3,500.00 in a savings account and the interest is compounded annually, how much will he have in the account after 3 years? a. $3,783.50 b. $3,791.22 c. $7,169.34 d. $7,285.50 a store credit card charges an apr of 12% that is compounded once a month. what is the apy for the credit line?

Use the compound interest formula, a = p(1 + r/n)^nt,

Ответ:

simplekaryme0

09.03.2022

The amount and APY are $3791.22 and 12.68%.

Compound interest

Compound interest is the interest on a loan or deposit calculated based on the initial principal and the accumulated interest from the previous period.

Given

Rate (r) = 2.7%

Principal (P) = $3,500

Time (t) = 3 years

To find

The compound interest.

How do find the compound interest?

We know the formula of compound interest,

$\rm Amount = Principal (1 + \dfrac{Rate}{100})^{time}$

Then put the values,

$\rm Amount = 3500(1 + \dfrac{2.7}{100})^{3}\\\\\rm Amount = 3500(1.027)^{3}\\\\Amount = 3791.22$

Then the amount and APY are $3791.22 and 12.68%.

More about the compound interest link is given below.

link

0,0(0 оценок)

Ответ:

Ответ:

Ask your question to the AI advisor

More tips

Answers on questions: Mathematics

Ask an AI advisor a question