lenailovecamp lenailovecamp
  • 02-02-2020
  • Mathematics
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Sue deposited $2,450 in an account for 12 years at an interest rate of 3% compounded annually.
How much is in her account after the 12 years?

Respuesta :

jay40891
jay40891 jay40891
  • 03-02-2020

Answer:

$3493.11

Step-by-step explanation:

The Total amount after a compound interest can be calculated using the formula:

[tex]T = P(1 + \frac{R}{100})^{n}[/tex]

where P is the amount of deposit, R is the rate of interest, n is the duration.

Hence by substituting the values, we get:

[tex]T = 2450(1 + \frac{3}{100})^{12}[/tex]

T = $3493.11 (nearest cent)

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