If we place $8,592.00 in a savings account paying 7.5 percent interest compounded annually, how much will our account accrue to in 9.5 years?

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Mathematics

Maximilian Carey

8 May, 01:05

If we place $8,592.00 in a savings account paying 7.5 percent interest compounded annually, how much will our account accrue to in 9.5 years?

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Nehemiah · Answer 1

Compound Interest Formula is:A = P * (1 + r) ^nP = $8,592r = 7.5 % = 0.075n = 9.5 (years) A = 8,592 * (1 + 0.075) ^ (9.5) A = 8,592 * (1.075) ^ (9.5) A = 8,592 * 1.9878A = $17,079.48Answer: In 9.5 years there will be $17,079.48 on account.