Nichole201189 Nichole201189
  • 21-09-2021
  • Mathematics
contestada

Carl placed $3,500 in a saving account that compounds interest annually at a rate of 1.5% how much will he have in the account after 8 years

Respuesta :

sqdancefan
sqdancefan sqdancefan
  • 21-09-2021

9514 1404 393

Answer:

  $3942.72

Step-by-step explanation:

The compound interest formula is ...

  A = P(1 +r)^t . . . . P invested at rate r for t years

You have P = 3500, r = 0.015, t = 8. Put these values into the formula and do the arithmetic.

  A = $3500(1.015^8) ≈ $3942.72

Carl will have $3942.72 in the account after 8 years.

Answer Link

Otras preguntas

How does the newspaper help people to share ideas
Is a mushroom prokaryotic or eukaryotic?
What is a short but good definition of the scientific method?
Antonym for thermal energy
In the Caribbean, Puerto Rico and Jamaica are islands of the A. Windward Islands. B. Lesser Antilles. C. Leeward Islands. D. Greater Antilles.
what is the depth of oceanic crust
what is 27/5 as a mixed number? Thank you for your help and can you convert 1/2, 3/5 and 4/20 in to tenths
You are making a picture frame of uniform width for a picture that is to be displayed at the local museum. The picture is 3.25 feet tall and 3 feet wide. The mu
what is 540 divided by 36 in partial quotients
What aspects were important to the Roman economy?