Find the balance of an account after 7 years if $1,500 is placed into an an

account paying 1.2% interest compounded monthly. (Round to the nearest

cent)

OA) $1,630.63

O

B) $1,631.37

OC) $4,085.59

OD) $1,500

Question

Mathematics

Nevin

12 December, 03:17

Find the balance of an account after 7 years if $1,500 is placed into an an

account paying 1.2% interest compounded monthly. (Round to the nearest

cent)

OA) $1,630.63

O

B) $1,631.37

OC) $4,085.59

OD) $1,500

+5

Answers (1)

Know the Answer?

Misha · Answer 1

The answer should be about $1,626 using the A = P (1 + rt) formula but the closest answer given is A. I'd choose A.

Step-by-step explanation:

A = P (1 + rt)

A = 1500 (1 + (0.012 * 7)) = 1626

A = $1,626.00

The total amount accrued, principal plus interest, from simple interest on a principal of $1,500.00 at a rate of 1.2% per year for 7 years is $1,626.00.

Find the balance of an account after 7 years if $1,500 is placed into an anaccount paying 1.2% interest compounded monthly. (Round to the nearestcent)OA) $1,630.63OB) $1,631.37OC) $4,085.59OD) $1,500

Find the balance of an account after 7 years if $1,500 is placed into an an

account paying 1.2% interest compounded monthly. (Round to the nearest

cent)

OA) $1,630.63

O

B) $1,631.37

OC) $4,085.59

OD) $1,500